基于保险产品债券化的巨灾风险管控研究

发布时间：2018-05-11 04:37

本文选题：巨灾风险 + 巨灾债券　；参考：《宁波大学》2017年硕士论文

【摘要】：中国是一个灾害相对较多的国家,有人为灾害,也有自然灾害,如汶川地震、天津港大爆炸、2008年全国大范围冰灾等,但每年财政救济拨款通常仅占直接经济损失的2%左右,大量的损失依然以商业保险、社会捐助和灾民自担风险的形式存在,因此巨灾保险制度的建立势在必行。但是从目前几个城市试点巨灾保险制度的效果看来,因为缺乏承保经验和历史数据等原因,巨灾保险往往会给保险行业带来了不小的压力,一旦遭遇巨灾,就会导致保险公司巨亏局面的发生,市场急需一种金融衍生品来继续分散风险,因此引入巨灾债券无疑具有重要的意义。本文首先从巨灾风险的定义入手,介绍了当前对巨灾风险控制的几种手段,分析了保险、再保险的不足之处和巨灾保险设立的重要性。接着对巨灾保险证券化的几种产品,包括巨灾期货、巨灾期权和巨灾债券进行了介绍,通过比较分析和对巨灾债券可行性的研究,明确了巨灾债券的优势。然后文章对巨灾债券的运行机制、触发机制和定价进行了模拟,最后本文以宁波市为例,为巨灾债券的实行进行了产品设计,并对巨灾债券的实施和发展提出了自己的对策和建议。本文通过对巨灾债券的研究,初步拟定了宁波市实施巨灾债券的各项机制和债券发行中各主体的选定,理清了目前要实施巨灾债券面临的制约因素,给出了作者本人的建议和对策,为今后进一步研究巨灾债券的实施打下坚实基础。
[Abstract]:China is a country with relatively large number of disasters. There are natural disasters, such as the Wenchuan earthquake, the Big Bang in Tianjin Port, and the large-scale ice disaster in 2008. However, the annual financial relief allocation usually only accounts for about 2% of the direct economic losses. A large number of losses still exist in the form of commercial insurance, social donation and disaster victims' own risk, so the establishment of catastrophe insurance system is imperative. However, judging from the effect of the pilot catastrophe insurance system in several cities at present, due to the lack of insurance experience and historical data, catastrophe insurance often brings great pressure to the insurance industry. Once it encounters a catastrophe, The market urgently needs a kind of financial derivatives to continue to spread the risk, so the introduction of catastrophe bonds is undoubtedly of great significance. This paper begins with the definition of catastrophe risk, introduces several methods of catastrophe risk control, analyzes the deficiency of insurance, reinsurance and the importance of catastrophe insurance. Then several products of catastrophe insurance securitization, including catastrophe futures, catastrophe option and catastrophe bond, are introduced, and the advantages of catastrophe bond are clarified through comparative analysis and feasibility study of catastrophe bond. Then, the paper simulates the operation mechanism, trigger mechanism and pricing of catastrophe bonds. Finally, this paper takes Ningbo as an example to design the products for the implementation of catastrophe bonds. And put forward own countermeasure and suggestion to the implementation and development of catastrophe bond. Based on the study of catastrophe bonds, this paper has preliminarily drawn up the mechanism of implementing catastrophe bonds in Ningbo and the selection of main bodies in bond issuance, and has clarified the restrictive factors to be faced by the implementation of catastrophe bonds at present. The author's suggestions and countermeasures are given in order to lay a solid foundation for further study on the implementation of catastrophe bonds in the future.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.6;F832.51

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