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Catastrophe risk bonds

Author: ZhangHaiPing
Tutor: LeiRongDi
School: University of Foreign Trade and Economic
Course: International trade
Keywords: Catastrophe risk bonds Trigger mechanism Capital markets Investment bankers Disaster events How It Works The insurance industry Global economic landscape Basic structure Bond issuers
CLC: F830.9
Type: Master's thesis
Year: 2000
Downloads: 253
Quote: 1
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Abstract

\It should be noted that, under the conditions of the knowledge economy, only innovative knowledge can be transformed into productive, will produce a significant role in promoting economic development. And international financial markets, it is one of the most innovative areas. The financial innovations of the past decade, such as asset management, fund management, portfolio services, financial derivatives trading, asset securitization endless dazzling, dizzying. In contrast, the insurance industry appears to be too cautious, and lack of awareness of innovation. However, the impact of the wave of innovation in the knowledge economy, the insurance industry had to rise to meet the challenges actively developing innovative products for customers' needs. Meanwhile, with the deepening of the degree of liberalization of the world economy, countries in order to enhance the overall competitive strength in the global economic landscape began to relax previously strict limits between the financial sector, making the insurance and capital markets increasingly showing a trend of mutual integration. Frequent outbreaks of natural disasters in the past decade in significant losses to the affected areas of economic development and social life at the same time, the global insurance and reinsurance the person powerless in the face of heavy losses. Escalating the amount of loss caused by the major disaster events, the insurance industry sleepless nights, while the number of capital market capacity of ten trillion of capital the insurer saw a ray of hope. How to take advantage of the capital markets to resolve the catastrophe risk in the invisible, has become a concern in the insurance sector and investment bankers, catastrophe risk bonds came into being precisely in this context. As innovative financial products, insurance and capital market integration trend, a large number of catastrophe risk bonds constructed using the latest achievements in the field of financial engineering, is a product of the combination of insurance and securities technology. Despite its still in the exploratory stage, but has released nearly thirty bonds has been welcomed by the capital market investors, which also makes the confidence of the insurance sector and investment bankers. Author on the basis of theoretical research on the catastrophe risk bonds, combined with practical work experience, were analyzed from four aspects of its generation, the basic principle of operation, practical applications, and the future development direction, and hope to be able to introduce more comprehensive specific innovative financial instruments. Chapter from the event increased frequency of natural disasters in recent years as well as the expansion of the scale of losses on catastrophe risk bonds generated by natural conditions, and the growing convergence of insurance and capital markets in the past decade, the trend for catastrophe risk bonds that provided a technical and economic basis. The second chapter aims to introduce the principle of operation of the catastrophe risk bonds for exposition and to prepare the ground. Different the basic structure of the catastrophe risk bonds and ordinary bonds, in particular, does not depend on the operating conditions of the bond issuer credit risk of catastrophe risk bonds, but depends on convention events beyond the issuer (ie trigger event), occurred or not. In this sense, the trigger mechanism for catastrophe risk bonds was extremely important in the securitization and catastrophe lt; WP = 3 gt; risk bonds basic structure to be a brief introduction, the author focuses on three types of trigger the mechanisms detailed analysis. Through the comparative advantages and disadvantages of the three, hoping to explore the future trends of the trigger mechanism. The third chapter in the previous chapter introduced the basic structure of catastrophe risk bonds based on full integration of the specific operation of the practice, as well as insurance and capital markets industry evaluation of catastrophe risk bonds, a more comprehensive analysis of its development the status quo. Then also more successful in the latest issue of the two catastrophe risk bonds, for example, from the arrangement of the risk portfolio, the choice of the trigger mechanism, the bond structure design, raised objects, such as a number of major issues related to catastrophe risk bonds compared research. Chapter prospects for the development of future catastrophe risk bonds that conform to the current trend of financial innovation and the birth of new financial products is bound to have infinite vigor and vitality, and laid a solid technical foundation for the development of the insurance risk securitization accumulated practical experience. The entire paper around the emergence and development of catastrophe risk bonds were more systematic and comprehensive analysis and discussion, and hope that through the introduction of catastrophe risk bonds, highlights today's world insurance surging in the field of innovation and awareness, and the ability of our insurance business innovative research play a valuable role.

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