The Research On Risk-Reduction Mechanism Of Catastrophe With Actuarial Method

In recent years, with the growth of population and environment pollution, more and more catastrophe risk events have taken place in the world. The concept of risk management has developed with more exposure to catastrophe events. How to handle with these catastrophe risks efficiently has become an important problem for (Re)insurance industry and government. With the rapid development of financial and capital markets, catastrophe securitization products has been created, and these products provide much wide space to diversify catastrophe risks.Beginning with the definition and classification of catastrophe risk, the dissertation introduce two risk-reduction mechanisms, one is reinsurance, the other is catastrophe risk securitization including occurring background and developing status etc. The dissertation discusses relative retention of reinsurance, pricing catastrophe reinsurance and some catastrophe derivatives. Including in six chapters:Chapter 1: Demonstrating gravity of catastrophe and necessity of building an effective risk-reduction mechanism. Then representative papers about pricing reinsurance and catastrophe derivatives have been studied, and point out my innovation spot.Chapter 2: Beginning with the definition, classification and situation of catastrophe risk, two risk-reduction mechanisms are introduced, one is reinsurance, the other is catastrophe risk securitization including occurring background and developing status etc.Chapter 3: This section focuses on researching two most part in reinsurance, one is determining retention, and the other is pricing reinsurance.Chapter 4: Introducing some basic information of catastrophe derivative in foreign capital market, including catastrophe loss index, the definition and type of catastrophe derivative etc.Chapter 5: This section focuses on researching some mainstream catastrophe derivative's pricing from actuarial viewpoint, then presents some own viewpoints and the ideas in predecessor's rationale giving own innovation comment to some methods.Chapter 6: Finally, the contents of research and the conclusions of this dissertation are summarized, and the prospects for future research directions are presented.