| Reinsurance is an essential component of a nation's insurance system. Its development plays a crucial role in the stability of the entire insurance industry, financial industry, and the economy. The more developed the economy, the more mature the insurance market is, and the more important the reinsurance is.In the past a few years, the rapid development of reinsurance in China has been spurring many researches. There emerge a large number of research achievements which either explore or draw suggestions for the systematic nature of reinsurance and development. Based on a wide range of unconventional attempts of innovation in current reinsurance industry and the new establishments of financial functional Paradigm, the author attempts to explore from financialization in which direction the reinsurance products should develop, and then conclude that reinsurance companies should carve out financialized business in capital market, for instance, risks solving plan.According to the logical structure, this thesis mainly composes 6 chapters.Chapter 1,"the background of international reinsurance under the trend of financialization", analyses from integration how the financialization of reinsurance comes into being. In the latest 30 years, economic collaboration has been surging worldwide so that the globalization of capitalization paves the way for the innovation of financial products at an unprecedented level. As the integration among financial institutions is made easier and happens more frequently, it provides historical opportunities for the transition of reinsurance companies and the upgrading and expansion of their reinsurance products. In this chapter the author analyses the importance of reinsurance, its particular function in new era, what insurance financialization means and how it is characterized, and briefly reviews the main literatures.In respond to the increasingly number of complicated innovative products in financial market and the need for dispersing catastrophic risks, reinsurance companies more frequently participate in various financial exchanges and services in capital markets not only to guarantee the safety of insurance market and financial stability but also to create new value by helping share-holders get sound returns. Chapter 2,"literature review on financialization of reinsurance products", briefly make a summary of the past literatures in this field, and reaches a finding that the theoretic basis are mainly concentrated on theory of market uncertainty, modern financial function, and modern risks management. Theory of market uncertainty regards risks management and dispersive function as two of the six basic functions of finance, whereas the guarantee and transferring of risks as the basic function of insurance. Modern risks management argues that the risks management of businesses must relate to both insurance and finance markets so as to combine their capital management with risks management. Thus the risks finance function of insurance is upgraded in highly advanced capital market, and that leads to the integration of insurance and finance.Chapter 3,"the development mechanism of reinsurance products innovation under the trend of financialization", propounds the logic in the financialization of reinsurance products. This chapter begins with analyzing the nature of reinsurance companies as financial agents, and then argues that reinsurance companies equal to normal savings institutions such as investment banks。With this nature the reinsurance companies will undertake risks guarantee with conventional reinsurance products, and develop financialized products, and provide technological spillage and financial services for other financial intermediates.Financialized products are mainly made up of Securitized products of Insurance Risk and Finite Risk Reinsurance products. The securitized products mainly deal with Catastrophe risks, its product feature is different from conventional insurance form and is more similar to financial products in normal financial markets. Catastrophe risks is handled with operations such as index options, swap and insurance securitization, which are perfect way to transfer risks through financial market.Breaking through the limitation of conventional risk theory, the Finite Risk Reinsurance products mainly cover non-pure insurable risks such as interest risks, investing risks, financial stability risks. This chapter proposes the developing route of financialized products: to integrate with capital market with structural finance and investment products, and then occupy financial service market with financial reinsurance products, capital management products and serves. At the end of this chapter the author analyses the influence of financialization on the demand-supply of reinsurance products.Chapter 4,"the resources allocation of reinsurance products under financialization", introduces the structure of innovates of reinsurance products and the operation strategy of world reinsurance giants. On basis of introduction of the particular products, the author maps the features and structure of reinsurance products, and recognized that the securitized products as the adjustment and supplements to reinsurance products. Swiss Reinsurance Co. is illustrated to explain that product financialization is the direction of large reinsurance companies.Chapter 5,"the development dynamics and modes of China's reinsurance products", gives suggestions for the development of new products in light of the development of reinsurance innovation. in view of the weak reinsurance in China'newly founded insurance markets and the important role of reinsurance in insurance system, the author propounds that government support necessary for the construction of reinsurance products system and the development of financial products. In particular, China's reinsurance should be in accordance with theory of limited government, on basis of group management, and guaranteed by reinsurance monitoring internationally.Chapter 6,"the implementing strategy of reinsurance products development in China", analyses the current situation of China's reinsurance products and the difficulties and barriers for their development, and then identifies the implementing procedures.
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