【作者】 邱峰；

【导师】 姚海明；

【作者基本信息】 苏州大学 ， 金融学， 2006， 硕士

【摘要】 上个世纪90年代,随着巨灾风险对世界保险业带来的巨大冲击,出现了一种新的金融创新工具——保险风险证券化。从2003年全球700亿美元巨灾损失总额与185亿美元保险损失总额之间的巨大差额可以看出,目前,高额的巨灾损失与保险业的承保能力之间还有相当大的差距,没有参保的巨灾仍然占有相当大的比例。从另一个角度来看,巨灾保险又有着很大的发展潜力,是一个快速发展的市场。但它需要国际多样化和强大的资本基础。尽管传统的再保险方式仍然是吸纳风险的主要载体,保险风险证券作为保险公司化解巨灾风险的一种金融方式,在缩短高额巨灾损失与承保能力之间的差距方面,正在发挥着越来越显著的作用。西方的投资银行、保险公司都在积极研究保险风险证券化,设计开发包括保险债券、保险衍生产品等在内的风险转移工具,来挑战传统的保险业,以达到转移风险的目的。实践表明,保险风险证券化是一种通过资本市场转移保险风险的有效方式。保险风险证券化引入我国尤为重要。我国幅员辽阔,属于自然灾害多发区,每年因自然灾害、重大事故所遭受的经济损失达数千亿元,而保险的保障和补偿作用却相形见绌。另一方面,作为宏观经济措施之一,资本市场的宏观调控作用越来越显著。金融改革和开放的步伐加快了我国金融自由化的进程,扩大了国内外融资渠道,增强了资本流动性,我国资本市场的资金实力和抵御风险的能力均得到了大幅度加强和提升。在此背景下借助资本市场资金支持和保险投资业务经验,将保险风险从保险市场向资本市场转移。目前,我国已经具备了开展保险风险证券化的一些条件,但离证券化还有一定的差距,需要不断的健全和完善。我国目前对保险风险证券化的研究还处于起步阶段,本文在运用实证分析和规范分析以及保险学、精算学、金融学等的基本原理进行分析的基础上,结合大量经验数据和国内外的最新研究成果,对保险风险证券化进行了系统的分析和研究。并对我国开展保险风险证券化的必要性、可行性从各种角度进行了详尽的分析,并提出目前我国开展保险风险证券化应以发行保险风险债券为突破口以及对我国开展保险风险证券化设计的要点及对策进行了深入的研究。更多还原

【Abstract】 In 1990’s, with huge impact of catastrophe risk on world insurance industry, a new kind of financial innovative instrument- insurance risk securitization has come into being. With huge gap between catastrophe loss amount of $70 billion and insurance loss amount of $18.5 billion around the world in 2003, we can infer that, at the present, there is still a consider gap between high catastrophe loss and insurance accepting capability of insurance industry, and catastrophe risks which don’t join insurance still account for a considerable proportion.From another perspective, catastrophe insurance enjoys high growth potential, which is a rapidly developing market. But it needs international diversification and strong capital base. Although traditional reinsurance is still a major bearer to absorb risk, as a financial method of insurance company to deal with catastrophic risk, insurance risk securities are taking a more and more apparent role in shortening the gap between high catastrophe loss and insurance accepting capability of insurance industry. In order to compete with traditional insurance industry and convert risks, western investment banks and insurance companies are actively studying insurance risk securitization, designing and developing risk converting instruments including insurance bonds, insurance derivative products and so on. As practice shows, insurance risk securitization is a effective method to convert insurance risks through capital market.It is vital to import insurance risk securitization to China. With a large area, China is place where natural risk occurs frequently. Every year thousands of billions of economic loss is occurred due to natural risk and grave accident, while guarantee and compensation function of insurance are dwarfed by that. On the other side, as one of macroscopical economic measures, macroscopical control effect of capital market becomes more and more apparent. Pace of financial reform and opening-up quickens the process of our financial liberation, expands funding channels at home and abroad, strengthens capital liquidation. Thus capital ability and risk resisting ability are更多还原