我国巨灾保险风险分散与产品定价

发布时间：2018-05-01 19:34

本文选题：巨灾保险 + 超赔分保　；参考：《山东大学》2013年硕士论文

【摘要】：当今整个世界的经济发展处于上升通道,资源的利用效率越来越高,人均产能也是不断提升,资产的价值在这种大发展时期也是迅速升值。在这种情况下,巨灾发生后所造成的资产损失将会是越来越大,并且从最近的三十年来看,巨灾有呈现出破坏性增强的趋势。当巨灾发生时,受灾地区人民的生活陷入崩溃,无以为继。而我国现有的救灾体制只能是解燃眉之急,并不能从根本上让受灾人民获得一定程度的保障。因此,如何设计出一套巨灾风险分散机制对于我国巨灾保险体系具有十分重大的意义。我国已经成为世界经济大国,相比于金融市场的不断完善,保险行业尤其是巨灾保险的发展却举步维艰。每当巨灾发生之后,我们整个国家都陷入应接不暇的救灾之中,虽然这种体制也有一定的规范程序,可是每次的救灾都显得十分仓促。而我国的保险公司在巨灾面前也只能是扼腕叹息,无能为力,保险赔付占巨灾损失的比例不到3%,因此如何建立一套有效分散机制也是我国巨灾保险亟待解决的问题。本文通过对美、日、英等国家较为发达的巨灾体制进行分析,总结出有效分散臣灾风险的几个途径：政府、保险公司和再保险公司、资本市场。并对这几种途径进行了切合实际的分析,认为政府在巨灾分散体系中应起到主导作用。但是应该由现在的灾后主导转为设立巨灾保险基金的事前防范,通过建立巨灾保险基金,汇集资金来应对不确定发生的巨灾事件。对于保险公司和再保险公司更多的是在巨灾保险体系中有效参与,从中总结经验并发现机会,成为未来承担巨灾风险的中坚力量。我国资本市场现在开放程度还不是很高,因此本文只讨论了巨灾债券,论述了巨灾债券的发行流程,巨灾债券为市场上的风险偏好者提供机会,投资者根据投资资本的暴露程度以及触发事件是否发生获得相应的收益。政府、保险公司及再保险公司以及我国现在的资本市场都还没有成熟到能够独立承担巨灾风险。即使在美日英等发达国家,也不是仅仅依靠一方力量。因此,本文采用的方法是分层承保的再保险模式。由政府支持成立的巨灾保险基金承担一定额度的赔偿,超出该额度的一定范围之内,由第一层分入人即保险公司及再保险公司承担,超出二者额度的一定范围由第二层分入人即资本市场进行承担。当遇到超大巨灾损失时，超出所有分入人额度上限时由政府承担有限责任或者由投保人自行承担。本文对各分入人的承担额度进行符合实际情况的保守估计,具有很强的操作性本文在设计出巨灾风险分散机制之后，，对该巨灾体系的可行性进行了论述通过对这种设计下的保险产品的价格进行计算，得出所设计的产品价格较为符合实际情况。从一定程度上论证了该分保模式的可行性，在这种模式下，既能够保证各承保主体的偿付能力稳定,也能都使受灾人民得到切实的保险
[Abstract]:The economic development of the whole world is on the rise, the efficiency of resource utilization is higher and higher, the per capita capacity is also increasing, and the value of assets is increasing rapidly in this period of development. In this case, the loss of assets will be greater and greater after the catastrophe, and the catastrophe has been seen in the last thirty years. When the catastrophe occurs, the lives of the people in the affected areas fall into a collapse and do not succeed. The existing disaster relief system in China can only be urgent and can not fundamentally guarantee the affected people. Therefore, how to design a set of catastrophe risk decentralization mechanism for the catastrophe and insurance of our country The risk system is of great significance.
China has become a world economic power. Compared with the continuous improvement of the financial market, the insurance industry, especially the development of catastrophe insurance, is difficult. Every time after the catastrophe, the whole country is in the middle of disaster relief. Although this system has a certain standard procedure, each disaster relief appears to be very storehouse. In the face of catastrophe, China's insurance companies can only be in the face of the catastrophe. There is nothing to do with it. The proportion of the insurance loss is less than 3%. Therefore, how to establish a set of effective dispersion mechanism is also a problem to be solved urgently in China's catastrophe insurance.
Through the analysis of the more developed catastrophe system in the United States, Japan and Britain, this paper summarizes several ways to effectively disperse the risk of the disaster: the government, the insurance company and the reinsurance company, the capital market. And the practical analysis of these ways is carried out, and the government should play a leading role in the catastrophe dispersion system. From the present post disaster leading to the prevention of the establishment of catastrophe insurance funds, by establishing catastrophe insurance funds and collecting funds to cope with the uncertain catastrophes. For insurance companies and reinsurance companies, more is an effective participation in the catastrophe insurance system, from which the overall experience and opportunities are found to become the future of the catastrophe. China's capital market is not very open now. Therefore, this paper only discusses the catastrophe bond and discusses the process of the catastrophe bond issue. The catastrophe bond provides the opportunity for the risk preference of the market, and the investor obtains the corresponding earnings according to the exposure degree of the investment capital and the occurrence of the triggering events.
The government, the insurance companies and the reinsurance companies, and the current capital markets in our country are not yet mature enough to be able to undertake the risk of catastrophe independently. Even in developed countries such as the United States, Japan and the UK, it is not only one force. Therefore, the method adopted in this paper is the reinsurance model of stratified underwriting. A certain amount of compensation, beyond the certain scope of the amount, is divided into the first layer, namely the insurance company and the reinsurance company, which is divided into the capital market by the second level in a certain scope beyond the limit of the two party. When the huge catastrophe is lost, the government is responsible for the limited liability of the government. Or by the policyholders themselves. This article carries out a conservative estimation of the amount of each participant's entry in line with the actual situation, and has strong operability.
After the design of the catastrophe risk dispersion mechanism, the feasibility of the catastrophe system is discussed and the price of the insurance product under this design is calculated. It is concluded that the price of the product is in accordance with the actual situation. The feasibility of the reinsurance model is demonstrated to a certain extent. Under this model, it can ensure that the model can not only be guaranteed. The solvency of each underwriter is stable, so that the affected people can be effectively insured.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.64

【参考文献】