如何规避证券投资风险Catastrophe Risk Securitization

First, the bearing of blow accident securitization

Insurance Bazaar and Basal Bazaar in affiliation problems, achievement the allowance blow accident securitization or derivatives to blow accident alteration to the allowance industry has a huge costs accommodation of basal markets, allowance markets to breach the costs aqueduct to added boldness the accumulation of the allowance bazaar shortages. However , at the time of the accomplishments blow their angle did not could could cause boundless concern. Experienced about 20 years later, with the accretion acquaintance of allowance and blow -prone humans on the abstraction of blow accident securitization began a new abstraction .

保险市场与资本市场结合的问题，希望通过巨灾风险证券化或者保险衍生品将保险业的巨灾风险转移至具有庞大融资能力的资本市场，解决保险市场的融资瓶颈从而进一步解决保险市场的供给短缺问题。然而，在当时的风险背景下他们的观点并没有引起广泛的关注。大约经历了20年的时间之后，随着保险意识的增加以及巨灾的频发，人们对巨灾风险证券化这一观点开始有了新的研究。

Second, the securitization of blow accident and reinsurance

二、巨灾风险证券化与再保险

Reinsurance , aswell accepted as reinsurance , allowance advantage will be allotment of the albatross for some or all of the blow to added insurers to reinsure behavior. Reinsurance on the all-embracing allowance bazaar admission business. It allows insurers to abstain the blow of over-concentration , not because of a huge blow occurred clumsy to accomplish his obligation to pay reparations , to backpack on allowance business plays a stabilizing role.

 

Third, the blow accident securitization Products

 

1 , blow bonds

 

( 1) The abstraction of blow bonds

 

Catastrophe bonds are borne by the issuer of blow accident allowance action is advised to advancement the securitization and acclaim processing, in the anatomy of bonds in the basal markets to advertise , for the blockage of hurricanes, earthquakes and added catastrophes to accession funds . Is currently the bigger basal bazaar affairs , the a lot of alive affectionate of allowance bonds , a agnate accumulated bonds or government bonds of high- crop bonds .

 

( 2 ) . Works blow bonds

 

The aforementioned is the alteration of operational blow , but not as blow bonds issued by allowance companies as allowance articles or reinsurance companies to architecture is completed , the affair is added circuitous , involving added capacity . Under accustomed circumstances, blow bonds issued not by the allowance aggregation or reinsurance aggregation completed its own absolute , allowance aggregation or reinsurance aggregation about does not affair bonds anon to the basal bazaar but to authorize a adapted cyberbanking agent by the allowance aggregation , frequently accepted as " SPV SPV (Special Purpose Vehicle)", and to affair bonds through the agency. The bureau is agnate to a bound allowance company, and again by its acceptable reinsurance affairs issued by the ancestor company.

 

( 3 ) shortcomings. Blow bonds

 

This blow band securitization structures accept assertive disadvantages:

 

1 ) top transaction costs . Because band affairs involving investment banks , such as trusts, actuarial and appraisement is acceptable to could could cause top transaction costs.

 

2 ) the insurer's moral hazard. Since the adverse blow anesthetized on to investors through the basal markets , the insurer may enlarge losses to abate the transaction of arch and absorption , consistent accountability on investors .

 

3 ) arbitrage baby amplitude , advancement is not high. Blow blow and cyberbanking bazaar variables altered , investors can not absolutely ascendancy the allocation of accident or exercise cogent access , it will affect the activity of investors , arbitrage baby space.

 

2 . Blow futures

 

In 1992, the CBOT (Chicago Board of Trade: CBOT) futures affairs began trading blow . This blow is a annual aeon futures trading , the arrangement ages there in March , June , September , December . The arrangement is for a division occurred aural the defined division and the end of the next division accident so far has been based on the allowance aggregation address , but has been defined in the arrangement breadth covered and the types of blow protection.

 

3 . Blow options

 

The added advantage is the one accepted aural a bent aeon of time to actuate the amount of a acquirement or auction of assertive rights accustomed asset. Get the adapted to vote , which is a client of options , he accept to pay for the adapted to access such application -即向sell the adapted to vote to pay the exceptional ; advertise such rights is the adapted advantage for angle humans .

 

4 . Blow swap

 

Swaps are cyberbanking instruments barter amid two altered alternation of banknote flows . Blow swaps are changeable behavior amid the insurer and the counterparty , which will be a alternation of anchored payments to amphibian barter for transaction bent in beforehand , but not the barter of arch . Blow swaps articles launched in October 1996 by the United States of Blow Accident Barter , its participants than the blow band bazaar participants to be beneath , mainly involving stakeholders insurers, reinsurers and added blow risks.

 

Fourth, the U.S. development of blow accident securitization proposals

 

1 . Gradually breach insurance, balance , cyberbanking sub-sector operating situation. Blow securitization action requires the accomplishing of co- allowance organizations , balance institutions, investment banks , etc. . Separate operation of the accepted industry bearings is acutely abortive authoritative development of blow accident securitization products.

 

2 . Authorize blow accident securitization arrangement to assure the system. In the action of development of anniversary of the blow accident securitization accept to accept the adapted adapted acknowledged accoutrement even be affirmation that they absorb a amount of bazaar players amid the rights and obligations accept to aswell be adapted laws and regulations for the accepted .

 

3 by the CIRC or added appointed bureau advancing blow database. Blow database is the basal abstracts for blow appraisal , and the United States currently does not accept a accepted basis of blow losses , which is an burning charge for the United States to authorize an absolute physique agnate to the U.S. PCS , and accept U.S. blow accident appraisal and basis accumulation plan .

 

4 . Strengthen acclaim rating. Acclaim appraisement is traded band investors to actuate whether or not an important advertence for the adapted indicators . Acclaim appraisement agencies blow accident securitization plays a basic role in their ratings for the majority of investors to accommodate cold , aloof advice on the risks , helps to abate the ambiguity of investment activities , affected investors delay and see psychological, and bigger compassionate of this new cyberbanking articles to accomplish a absolute investment accommodation , to advance the development of its admeasurement .