中国保险风险证券化研究

发布时间：2018-08-14 18:56

【摘要】：近些年来，，巨灾风险的发生频率不断上升、造成损失不断扩大，在此背景下，传统的保险和再保险已经不能满足巨灾风险的保险需要。为了解决这一缺口问题，有必要对保险风险证券化这一新兴的巨灾风险转移方式进行系统的、全面的理解和把握。保险风险证券化这一新兴金融衍生工具，使巨灾风险的分散扩展到资本市场，而不是局限于保险市场。它对提高保险人的赔付能力、承保能力、提高投保人的福利、增加投资者的投资方向与收益、改善资本市场和保险市场的资本结构、促进资本的有效流动、实现保险资源的优化配置等方面都发挥巨大的作用。保险风险证券化理论逐渐系统和成熟，对中国发展和运用保险风险证券化这一金融工具有较强的理论意义和现实意义，对中国保险业在巨灾方面的研究也起到了很好的参考和借鉴作用。本文首先对保险风险证券化的基本理论进行了一般性的介绍、研究，包括保险风险证券化的内涵、产生原因、和主要产品等，接着对我国目前发展保险风险证券化的必要性和可行性进行了较为深入的分析，同时要清醒的认识到目前还存在一些制约保险风险证券化在我国的发展的因素。另外，以巨灾债券为例，说明了我国保险风险证券化的设计原则、发行程序、以及对不同类型的巨灾债券的定价分别进行了介绍。在文章的最后提出在我国发展保险风险证券化应该分为三个阶段，首先是营造发展保险风险证券化的外部环境，其次是在短期内，我国应该优先考虑发展巨灾债券业务，最后待条件成熟后全面发展保险风险证券化业务。
[Abstract]:In recent years, the occurrence frequency of catastrophe risk has been increasing, resulting in the expansion of losses. Under this background, the traditional insurance and reinsurance can no longer meet the needs of catastrophe risk insurance. In order to solve this problem, it is necessary to systematically, comprehensively understand and grasp the insurance risk securitization, a new way of catastrophe risk transfer. The securitization of insurance risk, as a new financial derivative, makes the dispersion of catastrophe risk extend to the capital market, but not to the insurance market. It can improve the indemnity ability, the underwriting ability, the welfare of the policy holder, increase the investment direction and income of the investor, improve the capital structure of the capital market and insurance market, and promote the effective flow of capital. To achieve the optimal allocation of insurance resources and other aspects play a huge role. The theory of insurance risk securitization is becoming more and more systematic and mature, which has strong theoretical and practical significance for the development and application of insurance risk securitization as a financial instrument in China. It also plays a good reference and reference role in the study of catastrophe in China's insurance industry. In this paper, the basic theory of insurance risk securitization is introduced, including the connotation of insurance risk securitization, the reasons, and the main products. Then, the necessity and feasibility of developing insurance risk securitization in our country are analyzed deeply. At the same time, some factors restricting the development of insurance risk securitization in China should be soberly realized. In addition, taking catastrophe bonds as an example, this paper explains the design principles, issuing procedures and pricing of different types of catastrophe bonds in China. At the end of the article, it is proposed that the development of insurance risk securitization in China should be divided into three stages: first, to create an external environment for the development of insurance risk securitization, and secondly, to give priority to the development of catastrophe bond business in the short term. Finally, after the conditions are ripe, the insurance risk securitization business will be developed in an all-round way.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F842;F832.51

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