新冠疫情下的保险业及保险连接证券市场

Insurers and Insurance-linked Securities During COVID-19

2019年底爆发的新型冠状病毒疫情已经给全世界造成了深远的影响,沉重打击了各国经济,人类生产、生活方式都发生重大变化。即使已经过去半年,目前的情况仍不明朗,每天仍有大量人员被确诊,全球经济前景充满不确定性。通过观察疫情对保险业的影响,认为在政策推动和需求增加的情况下,保险业未来的业务范围会向大流行病扩展。计算保险连接证券与全球主要股指的贝塔值,说明其在疫情期间仍表现出零贝塔特性;将其加入由主要股指构造的投资组合,有效边界得到扩展,体现了其作为风险管理手段的优势。分析已经触发的巨灾债券,说明保险业与资本市场的合作将会很大程度地扩展其保障能力和范围。

The outbreak of COVID-19 in late 2019 has caused far-reaching effects on the whole world,and has severely hit all economies,and major changes appeared in production and lifestyle.Even six months passed,the situation is still not clear,a large number of people are confimed every day,and the global economic prospect is full of uncertainty.By observing the impact of COVID-19 on the insurance sector,it is believed its future coverage will be expanded to pandemic,under the circumstances of policy promotion and increased demand.By calculating the beta values of an insurance-linked securities index and the global stock indices,zero beta characteristics remains during the pandemic.By adding the index to the portfolio of the stock indices,the effective boundary has been expanded,which implies the advantages as a risk management instrument.A triggered CAT bond is analyzed,and the cooperation with the capital market will greatly expand insurers’capacity and scope.