巨灾风险证券化中的操作风险及其控制途径

Discussion on Operation Risks and the Reducing Means in Catastrophe Risk Securitization

巨灾风险证券化是把巨灾保险风险转化为衍生证券,销售给金融市场上的投资者,以此实现巨灾保险风险向资本市场的分散转移。但受信息不对称、触发机制等因素影响,巨灾风险证券化这种复杂的技术手段也会引起一些操作风险,如道德风险、基差风险、信用风险等。通过完善信息披露机制、合理选择触发方式、强化巨灾证券的交易保证金要求、加强监管等措施,可以有效地降低巨灾风险证券化过程中的各种风险,促进其平稳健康发展。

Catastrophe risk securitization can transfer insured catastrophe risks to capital market through a procedure called securitization during which complicated skills should be used. Affected by information asymmetry, trigger method and other factors, securitization can also give rise to some risks, including moral hazards, basis risks, counterparty default risks, etc. In order to reduce these risks effectively, comprehensive measures, such as sufficient information disclosure, selecting appropriate trigger means, enforcement of cash fund mortgage in ILS trading and strict regulations should be adopted.