巨灾债劵暨巨灾衍生性商品发展现况与趋势巨灾债劵暨巨灾衍生性商品发展现况与趋势.PDFVIP

Journal of China University of Science and Technology Vol.46-2011.01 巨災債劵暨巨災衍生性商品發展現況與趨勢巨災債劵暨巨災衍生性商品發展現況與趨勢 巨災債劵暨巨災衍生性商品發展現況與趨勢巨災債劵暨巨災衍生性商品發展現況與趨勢 CAT Bonds and Derivatives: State of the Market and Development
  Jui-I Chang Chen-Ying Lee             Lecturer of Department of Finance D Student, Department of Management China University of Science and Technology Science, Tamkang University 摘 摘 要要 摘摘 要要 本文旨在探討現有巨災債劵及其他巨災衍生性金融商品的市場現況 。巨災債劵 及其他巨災衍生性金融商品是重要的財務金融創新產品 ，可以提供巨災風險及其 他風險有效的融資管道 。這些商品的重要性在於，可以直接在資本市場直接募集 資金 ，提供較保險公司或再保險公司所能承擔的巨災容量。其中，巨災債劵的市 場容量持續穩定成長 ，不僅提供巨災風險融資管道，並也擴充到提供諸如汽車保 險、人壽保險 、年金保險融資管道。巨災債劵及其巨災衍生性商品並不是要取代 既有保險或再保險的功能 ，而是提供一個輔助的風險承擔管道。其他巨災衍生性 金融商品 ，諸如巨災交換合約、整體產業損失保證、天氣衍生性商品、或有資本 等，亦將持續提供巨災風險重要移轉和融資管道 。   ! # $% # ( $) *+ , $ #- ./ , Abstract This article tries to review the statue of the market of catastrophic risk bonds (CAT bonds) and other risk-linked securities. Cat bonds and other risk-linked securities are innovative financial mechanisms that have an important role to play in financing catastrophic loss arising from natural hazards and other types of losses. The vehicles are especially important because they access capital markets directly, exponentially expanding risk-bearing capacity beyond the limited capital held by insurers and reinsurers. The CAT bond market has been growing steadily. CAT bonds are not 127 ) *+ , 0) *1 / 2 34 5 6 789 : expecte