巨灾债券运行中的风险及其对策研究

近年来,巨灾风险已成为世界范围内危害生命和财产安全的重大风险之一。根据瑞士再保险sigma杂志统计,2015年共发生353起巨灾事件,共造成2.6万人死亡和930亿美元财产损失。面对巨灾事件,传统再保险承保能力有限,难以有效应对巨额赔付损失。为转移风险,以巨灾债券为代表的巨灾风险证券化产品日益受到保险公司的重视。巨灾债券可以将巨灾风险转移至资本市场,扩大承保能力,但其自身风险仍不可忽视。本文认为针对巨灾债券基差风险、道德风险、流动性风险等问题,可以通过合理选择触发机制、加强监管、建立交易平台等措施,有效控制风险水平,推动巨灾债券在中国的应用。

In recent years, catastrophe risk has become one of the major risks in the world that en- danger life and property. According to Swiss Re＇s sigma magazine statistics, a total of 353 catastrophic e- vents occurred in 2015, resulting in 26,000 deaths and 93 billion U.S. dollars in property losses. In the face of catastrophic events, the traditional reinsurance is limited in coverage, and is difficult to effectively deal with huge loss of compensation. In order to transfer risks, the catastrophe risk securiti- zation products such as Catastrophe Bonds are increasingly valued by insurance companies. Catastrophe bonds can transfer the catastrophic risk to capital markets and expand the underwriting capacity. But its own risk cannot be ignored. This paper argues that for the basis risk, moral hazard and liquidity risk of catastrophe bonds, we can effectively control the risk level and promote the application of catastrophe bonds in China by reasonably selecting trigger mechanism, strengthening supervision and establishing trading platform.