航空保险风险证券化的法律路径探析——以航空器机身险债券为例

An Analysis on the Legal Path of Aviation Insurance Risk Securitization——Take Aircraft Hull Insurance Bonds as an Example

当前我国航空再保险市场的综合实力薄弱,无法较好地承担起国内航空再保险业务的实际需求,过于依赖国际航空再保险市场,经营十分被动。适时开辟航空保险风险证券化等新型风险转移途径,坚持市场偏好、政府引导、财政支持、经验储备的正确道路,以构建航空器机身险债券为例,将航空器机身保险与资本市场相连接,使之成为航空再保险市场的有效补充,通过资本市场分散与缓解航空保险风险的压力,可极大程度地获取新的风险容量。职此之由,提出考察航空器机身险的特征构成、规范特殊目的机构设立及赔付、明确机身险债券触发机制选择,为航空器机身险债券搭建起合理机制框架,继而创设航空器机身险债券法律合规监管指引。以期凭借多元化途径突破我国航空保险市场的发展困境,在一定程度上提升我国航空保险市场自身承保实力,扭转对国际航空再保险市场严重依赖的畸形局面。

At present,the comprehensive strength of China′s aviation reinsurance market is weak,and it can not better meet the actual needs of domestic aviation reinsurance business.Being overly dependent on the international aviation reinsurance market,its operation is very passive.It is high time to open up new risk transfer channels such as aviation insurance risk securitization,adhering to the correct path characterized with market preference,government guidance,fiscal support and experience accumulation.Take the construction of aircraft hull insurance bonds as an example,it connects aircraft hull insurance with the capital market,acts as an effective supplement to the aviation reinsurance market,disperses and relieves the pressure of aviation insurance risk through the capital market,and creates new risk capacity to a great extent.For this reason,the paper proposes to investigate the characteristics of aircraft hull insurance,regularize the establishment and compensation of special purpose institutions,clarify the trigger mechanism selection of aircraft hull insurance bonds,build a reasonable mechanism framework for aircraft hull insurance bonds,and then create legal compliance and supervision guidelines for aircraft hull insurance bonds.The purpose of this paper is to break through the development dilemma of China′s aviation insurance market by means of diversified channels,improve the underwriting strength of China′s aviation insurance market to a certain extent,and address the situation of heavy reliance on the international aviation reinsurance market.