我国保险风险证券化的可行性研究——从巨灾债券看我国保险风险证券化的障碍及相关制度安排

A Study on the Feasibility of China's Insurance Risk Securitization——The Obstacles for China's Insurance Risk Securitization and Related Institutional Arrangement Viewing from Catastrophe Bond

保险风险证券化就是巨灾风险证券化,其主要形式是巨灾债券。保险风险证券化使巨灾债券能够通过金融市场得以融通,而作为其主要形式之一的巨灾债券有助于扩大保险资金来源,转移和分散巨灾风险,对于加快我国保险市场与资本市场相结合的进程非常有利。由于我国相关法律法规的不完善和市场机制不健全等原因,导致保险风险证券化过程中面临着一系列问题与障碍。我国开展保险风险证券化工作必须有一系列的相关制度安排作保障。

Insurance risk securitization is catastrophe risk securitization, its main form is catastrophe bond. Insurance risk securitization enables catastrophe bonds to be negotiated through financial market, while catastrophe bond helps enlarge sources of insurance funds, transfer and decentralize catastrophe risk, which is very good for quickening the procedure of combining insurance market with capital market in China. Owing to imperfect related laws and regulations in China and incomplete market mechanism, a series of problems and obstacles are confronted with in the course of insurance risk securitization. There must be a series of related institutional arrangements in China to guarantee the conduct of insurance risk securitization.