以巨災債券分散巨災風險之介紹

The Use of Catastrophe Bonds to Disperse Catastrophe Risks: An Introduction

莊昭森(Chao-Shen Chuange)

《創新研發學刊》 7卷1期 (2011/06) Pp. 43-49

https://doi.org/10.30080/JIRD.201106.0003

摘要

國民經濟增長、人口密度的增大、世界環境的巨變和單位區域內保險價值得快速增長，加大了出現巨災風險的概率。如何分散和移轉巨災風險？如何增加保險人的風險承受能力呢？針對借鑑國際經驗，探索巨災債券，分散巨災風險。巨災債券是一種特殊的公司債券，其直接參與包括：巨災債券發行機構(Special Purpose Vehicle, SPV)、分保公司、投資者和信託機構等。本文針對負債行避險工具之巨災債券理論與實務上運用分析介紹。

關鍵字

巨災債券 ； 巨災風險

並列摘要

The probability of the catastrophe risks has numerously increased at the present day following by the situations that the increase of the national economy, the raise of the population density, the drastic change of the global environment, and the rapid growth of the insurance value in each unit region. How the catastrophe risks can be dispersed or transferred? How the sustainability of the can be strengthened? To be aimed at these issues, the author draws lessons from the insurers case and experience to explore the Catastrophe Bonds (cat-bonds) in order to disperse the insurance risks.Catastrophe bonds are risk-linked securities that transfer a specified set of risks from a sponsor to investors. Catastrophe Bonds are typically used by insurers as an alternative to traditional catastrophe reinsurance. Cat-bond sponsors include SPV, insurers, reinsurers, corporations, investors, and government agencies. This paper aims at the purpose to introduce and analyze the Catastrophe Bond as a hedge tool against catastrophe risks based on its theoretical aspects and practical application.

並列關鍵字

Catastrophe risks ； Catastrophe Bonds