The Research On Catastrophe Risk Dispersive Mechanism

Since the 1990s, along with the continued economic development and the increase in population density, losses by the frequency catastrophe are rising. People urgently need to alleviate the catastrophic risk for the production and life. Therefore, it is very necessary of the state to establish and improve catastrophe risk dispersive mechanisms.In china catastrophe was frequent. Dealing with the catastrophe, the insurance market can provide the few products. People mainly rely on the Government's salvation and social contributions. And the extent of its assistance is low. Therefore, in theoretical study or in practice to explore the mechanisms, it appears to be particularly important.First, the article analyzed theoretically two catastrophic risk dispersion mechanisms——insurance / reinsurance and catastrophe risk securitization. The first part, we analyzed that the catastrophic risk is not insurable .Combined the theory of market failure,we found the catastrophe insurance market was failure, and suggested that the government would intervene in the catastrophe insurance market. In the part of the catastrophe risk securitization, a new explanation has been done according to the theory New Institutional Economics.Then, we did a comparative analysis of the earthquake risks dispersion mechanisms in abroad and found its characteristics. And we draw out some of conclusions for our country.Finally, through analysis of the current situation of catastrophic risk dispersive mechanism, we give an integration model of catastrophic risk dispersive mechanism, combining government, insurance market and capital markets.