我國住宅地震風險證券化之實際研究

A Practical Study on the Securitization of Taiwan Residential Earthquake Insurance

張澤慈(Tse-Tze Chang)

指導教授 ： 廖述源

淡江大學/商學院/保險學系保險經營碩士在職專班/碩士(2006年)

https://doi.org/10.6846/TKU.2006.00461

摘要

台灣位於歐亞大陸板塊和菲律賓海板塊交界處，屬環太平洋地震帶的一部分，地震活動非常頻繁，其潛在累積風險甚大，需風險移轉機制將此巨災風險作適當移轉，除傳統再保險外，新興風險移轉之一方式—巨災債券為最常使用的風險移轉方式。
中央再保險公司為住宅地震保險制度之經理人，於2003年8月25日成功於海外發行巨災債券，學生有幸參與發行過程，本文即以參與發行巨災債券之經驗並蒐集國內外相關理論與實務資料撰寫而成，本論文主題介紹巨災債券發行之前置準備、發行程序及發行後應辦理事項。
巨災債券成本較傳統再保險為高，建議我國首張巨災債券滿期時不再發行，但在再保市場能量緊縮，價格上揚時，其可作為巨災風險轉嫁之另一管道，或作為再保條件談判籌碼之一，且發行巨災債券，可提高我國保險業在國際上知名度及提昇國家形象，讓我國於國際金融市場佔有一席之地。
未來我國住宅地震保險投保率增加，危險承擔機制擴大，考量國外再保險市場及巨災債券市場的變化，必要時住宅地震保險仍有機會於日後再次發行巨災債券。

關鍵字

巨災債券 ； 台灣 ； 地震

並列摘要

Taiwan is located in an active part of the Circum-Pacific seismic belt. Due to the frequent activities between the Philippine Sea and Eurasian plates, Taiwan’s potential for accumulated catastrophic exposure is especially large. In addition to traditional reinsurance, it is necessary for Taiwan to include a catastrophic exposure transfer scheme to transfer the risk. The cat bond, one type of alternative risk transfer, is the most commonly used method to transfer this risk.
Central Re is the manager of the Taiwan Residential Earthquake Insurance Pool (TREIP). The firm has successfully issued a cat bond for TREIP on 25 August 2003. I participated in the complete procedure of issuance due to my employment at Earthquake Dept of Central Re and collected relevant information regarding cat bonds as the topic of my thesis. The main topics of my thesis include: the preparation of the issuance, the procedure of issuance, and the necessary work after issuance.
The cost of a cat bond is higher than traditional reinsurance. Therefore I suggest not issuing the first cat bond of Taiwan upon expiration. But the issuance of the cat bond can be another channel for catastrophic risk transfer or become an additional bargaining stake for reinsurance terms during periods when the reinsurance market capacity shrinks and its price increases. Issuing a cat bond can also increase the international reputation of Taiwan’s insurance industry and promote our nation’s image.
With the increasing take-up rate of TREIP and the expansion of TREIP’s structure, it would be possible for TREIP to issue the cat bond again in thefuture.

並列關鍵字

cat bond ； Taiwan ； earthquake

參考文獻

14. 財團法人保險事業發展中心，「我國發行巨災債券之可行性分析」，2002年

9. 曾武仁，我國住宅地震保險制度之規劃與推動簡報 ，2002年

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5. Kenneth A. Froot，The Financing of Catastrophe Risk，1999