摘要
我国幅员辽阔，随着全球自然条件的恶化，自然灾害的发生频率和强度也大大增强。然而，我国目前尚未建立相应的巨灾风险控制制度，主要的灾后重建和救助工作由国家财政负担。这种补偿方式不仅资金来源有限、补偿速度慢，而且也不利于国民经济的后续发展。而巨灾保险则不具有这些局限性，因此保监会目前正积极开展巨灾保险的研究。
传统上，保险公司通过巨灾再保险化解企业内部承担的巨灾风险，然而传统的巨灾再保险不仅存在固有的信用风险、道德风险等缺陷，而且近年来也日渐显现出其承保能力严重不足的窘境，因此有必要寻找新的方式转移承保风险。
保险证券化通过建立保险支持证券，使资本市场的资金更好地进入保险市场，从而更好地帮助保险公司或再保险公司转移承保风险。保险证券化已经成为(再)保险公司管理财务风险的一个重要方法。近年来保险证券化产品在国际保险市场得到了长足的发展，保险证券化在中国也应该得到相应的发展。
本文在保险证券化的背景下，分析了我国的自然灾害状况以及目前的巨灾保险制度，提出了在我国推行保险证券化的建议。而且，本文在介绍了国外主要的保险证券化产品之后，对巨灾债券在我国的发展进行了一定的分析，同时考虑到我国法律环境、债券市场环境等因素，认为现阶段在我国全面开展保险证券化的时机还不成熟，提出从开展巨灾债券业务入手，逐步发展巨灾保险的衍生产品市场的结论。
While the deterioration of the world-wide natural environment, China is suffering from natural catastrophes (CAT) more frequently and more severely. However, we have not yet constructed our effective CAT-risk control system, and the state treasury is mostly responsible for the re-construction and rescue work. This arrangement lacks adequate fund resources and functions slowly. Nevertheless, CAT insurance can overwhelm these limitations, and the China Insurance Regulatory Commission is doing the research of it.
Traditionally, the insurance companies rely on re-insurance for their covered risks. However, the traditional re-insurance implies the credit hazard, the moral hazard, etc., and recently, is showing its embarrassing situation for the shortage of its coverage capability. So it is necessary to look for a new method to transfer covered risks.
Insurance securitization enables the capital from capital market into insurance market, and hence helps the insurance or re-insurance companies to transfer their risks. In these years, insurance securitization has experienced a rapid development in the world, and it should be well developed in China.
Under the background of this insurance securitization, this article analyses the situation of our country's natural catastrophes and existing CAT insurance system, then proposes the idea of insurance securitization in China. In addition, this article introduces the major insurance derivatives of other countries, carefully analyses the possibility of developing CAT bonds in China, considers the general conditions of China's laws and bonds market, and finally makes a conclusion that we should begin our insurance securitization process with the CAT bonds, and develop our CAT insurance derivatives market in a gradual manner.
引文
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