巨灾保险证券化的初步探究 近年来我国及世界各地区自然、人为灾害不断，给社会经济生产生活带来巨大损失，人们对巨灾保险的呼声越来越高。可是，由于巨灾的发生具有偶然性、突发性和少量性，这使得巨灾保险缺乏有效的大数法则估算基础，保险公司难以准确有效的计算巨灾保险的保险金及合理的保险费率，承保巨灾保险使得保险公司过度暴露在潜在风险之中。如何有效的利用证券化手段沟通保险市场与资本市场，实现巨灾保险的风险与收益的分割转嫁，成为解决当前巨灾保险困境的有效手段。本文从简单的债券模型入手，对比分析了一般巨灾保险债券与改进型巨灾保险债券的特点，指出风险收益匹配型巨灾保险债券将成为未来巨灾保险债券发展的重点。同时，本文还对巨灾保险债券构造的一般流程及在我国实施巨灾保险证券化的动因、必要性、可行性及可能遇到的问题进行分别论述，最后提出我国实行巨灾保险证券化的构想和建议。 关键词：巨灾保险；资产证券化；巨灾保险证券化 Catastrophe Insurance Securitization Preliminary Inquiry ABSTRACT In recent years, China and the other countries in the world have been suffering man-made disaster and natural calamities which brought huge loss of social economy and people’s lives. Under this circumstance, people pay more and more attention on catastrophe insurance. However, insurance company is lack of an effective law of large number to estimate the insurance indemnity and the rate of premium accurately, due to the infrequency, unexpectedness and occasionality of catastrophes. It will expressively expose insurance company to potential risks of under writing the catastrophe insurance. An effective method of solving the problem is to commnicate the capital market and the insurance market, and to allocate and shift the risk and profit through securitization. This thesis starts from the simple bond models, compares the characteristics of catastrophe insurance bonds and improved catastrophe insurance bonds, and indicated that risk-benefit match catastrophe insurance will come to be the key point in the future development of catastrophe insurance. In addition, this thesis analyzes the reason, necessity, feasibility of the securitization of catastrophe insurance and problems that would meet later in the implementation. The proposals and suggestions on catastrophe insurance are also put forward. Key words：Catastrophe insurance; Asset securitization;Catastrophe insurance portfolio
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