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
关键词：巨灾风险， 巨灾债券， 管控模式II
Study on the Catastrophic Risk Management from the
Bondilization of Insurance Products
Abstract
China is a country with comparatively large number of disasters, including man-made
disasters and natural disasters such as WenChuan earthquake, the big explosion in Tianjin and the
ice damage in 2008, etc,. But the annual financial allocationtakes only about 2% of the direct
economic loss. Meanwhile a large number of losses are still covered by commercial insurance,
social donations and the victims’ own risks, therefore the catastrophe insurance system came into
being.But since the lack of historical experience and data, we find that the Catastrophe insurance
wouldbring some pressure on the insurance industry, it will result in huge losses of an insurance
company once they meet with a catastrophe. The market is in urgent need of seeking for a financial
derivative to share the risks, so the introduction of catastrophe bonds is undoubtedly of great
significance to our country.
This thesis begins with the definition of catastrophe risk, introduces the currently existing
methods of catastrophe risk control, and analyzes the inadequacies of insurance, reinsurance and
the importance of catastrophe insurance establishment. Next, several products of catastrophe
insurance securitization, including catastrophe futures, catastrophe options and catastrophe bonds
are introduced. By comparing and analyzing the feasibility of catastrophe bonds, the advantages of
catastrophe bonds are clarified. Then, the thesis discusses the operation mechanism, triggering
mechanism and pricing of catastrophe bonds. Finally, this thesis puts forward the countermeasures
and suggestions according to the implementation and development of catastrophe bonds based on
the example of Ningbo.
Based on the study of catastrophe bonds in this thesis, the mechanism of implementing
catastrophe bonds and the participant in Ningbo is formulated, the constraints of the current
catastrophe bonds are clarified, and the author&39;s own suggestions and countermeasures are listed
which has lain a solid foundation for the further study of the implementation of catastrophe bonds.
Key words： Catastrophe risk， Catastrophe bonds， Management modeIII
目录
1 绪论 ..1
1.1 选题的背景及意义 .........1
1.1.1 选题的背景 ..........1
1.1.2 选题的意义 ..........1
1.2 研究综述 .....2
1.2.1 国外研究综述 ........2
1.2.2 国内研究综述 ........3
1.2.3 国内外研究简要总结 ..4
1.3 论文的撰写思路及研究方法 .4
1.3.1 论文的撰写思路 ......4
1.3.2 研究方法 5
2 常见巨灾风险特征及管控手段 ....6
2.1 巨灾风险的定义 ...........6
2.2 常见巨灾风险介绍及特征 ...7
2.2.1 常见巨灾风险 ........7
2.2.2 巨灾风险的特征 ......9
2.3 巨灾风险控制及保障 ......10
2.3.1 保险 ...10
2.3.2 再保险 .11
2.3.3 巨灾保险 ...........14
2.4 各巨灾风险控制手段的比较 15
3 巨灾保险债券化风险管控概述 ....17
3.1 巨灾保险证券化产品介绍及比较.........17
3.1.1 巨灾保险证券化产品介绍 .........17
3.1.2 巨灾风险证券化产品间的比较.....19
3.2 巨灾保险及其债券化的发展现状 ........20
3.3 实行巨灾债券的必要性 ....21
3.4 巨灾债券的分类 ..........22
3.4.1 按本金保障方式分 ...22IV
3.4.2 按履约方式分 .......23
3.4.3 按启赔事件类型分 ...23
3.4.4 按承保灾难分 .......24
4 巨灾保险债券化管控机理分析 ....25
4.1 巨灾债券的运行机制 ......25
4.1.1 巨灾债券的主体 .....25
4.1.2 巨灾债券的承保机制 .27
4.1.3 巨灾债券的理赔机制 .28
4.2 巨灾债券的触发机制 ......28
4.2.1 参数触发 ...........28
4.2.2 赔偿触发 ...........29
4.2.3 行业损失触发 .......29
4.2.4 模型化损失触发 .....29
4.2.5 四种触发机制的比较 .29
4.3 巨灾债券的定价 ..........32
4.3.1 Wang 两因素模型 ....32
4.3.2 现金流现值分析 .....33
4.4 起赔点设置...35
5 巨灾保险债券化风险管控策略研究---以宁波市为例 .........37
5.1 宁波市现状简介...........37
5.2 风险控制策略研究.........38
5.2.1 目前风险控制模式的困境 .........38
5.2.2 优化策略：引入巨灾债券 .........39
5.2.3 实行巨灾债券的可行性分析 .......39
5.3 在宁波市实行巨灾债券的产品设计.......40
5.3.1 债券的发行要件 .....40
5.3.2 宁波市巨灾债券的运行机制 .......41
5.3.3 宁波市巨灾债券的触发机制.......41
5.4 巨灾债券实施的制约因素 ..42
5.5 巨灾债券实施的对策与建议 42
6 结论与展望 ........45
6.1 主要研究成果和结论 ......45
6.2 难点及创新点 45
6.3 研究的不足 ..45V
6.4 研究展望 ....46
参考文献 ...........47
致谢 ...501
1 绪论
1.1 选题的背景及意义
1.1.1 选题的背景
改革开放近 40 年以来，中国经济持续增长，人民生活不断富裕，但这也造
成一旦出现大事故或者灾害，损失会非常严重
从全球范围来看，2
。。。以上简介无排版格式，详细内容请下载查看
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