Research On The Catastrophic Insurance Risk Securitization In China

China is one of the countries in the world with frequent earthquakes ?typhoon and droughts and floods.The catastrophe risk has resulted in huge losses of property and personnel and a heavy burden on the state and society.China's economic losses caused by natural disasters have averaged over 200 billion yuan annually,accounting for 3%of GDP,accounting for 42% of the new GDP.Since the reform and opening up,great progress is got from China's insurance industry,but there are obvious deficiencies about catastrophe risk,which can not deal well with the difficulties caused by catastrophe risk.Catastrophe insurance risk Securitization has obvious advantage in solving catastrophe insurance,it is the beneficial financial innovation that insurance market connects financial market.Catastrophe insurance risk Securitization in the process of generation and development,mainly catastrophe bonds,catastrophe futures,catastrophe option,catastrophe swaps four products,including catastrophe bond is relatively mature of catastrophe insurance risk Securitization products,more mature experience is worth using for reference.The transaction subject of catastrophe insurance risk Securitization mainly includes investors,original insurers,special purpose reinsurance institutions and trust institutions,among which the special purpose reinsurance institutions deserve furtherstudy.The operation process of catastrophe insurance risk Securitization is the key when the catastrophe insurance risk Securitization is triggered.In 2006,the national development bank,a big three policy bank,launched a catastrophe bond,but failed.In September 2013,sheen and Yunnan were the first to be granted the pilot qualification for catastrophe insurance.Since June 2014,sheen catastrophe insurance has officially entered the implementation stage.In early July2015,China's first catastrophe bond with earthquake risk was successfully issued in overseas markets.At the practical level,the issuance of catastrophe bonds is not issued in China,and the number of issuance is only one;Catastrophe insurance is implemented,but only a small scale pilot,not across the country,and in exploration,start-up phase,is far from mature,large gap with America and Europe,another distance connection securities and insurance.In western developed countries,catastrophe insurance risk Securitization product is relatively mature,but faces in the catastrophe insurance risk Securitization in China,facing the basis risk,moral risk,the risk of default,technology factors,market factors,legal factors is also hinder the obstacle factors of catastrophe insurance risk Securitization.Despite a series of laws and regulations,there are a number of problems,In the legislative level,the design about represented by catastrophe bonds of catastrophe insurance risk Securitization laws and regulations,are basically principle or institutional regulations,a lack of clear rules and curability;On the theoretical research level,the related works,papers and theories of catastrophe insurance Securitization,represented by catastrophe bonds,are mainly concentrated in economics and finance.There are few literalness on the law in China,the analysis is not sufficient,the argument is not rigorous,lack of systematic,theoretical and systematic.In the face of adverse factors,the measures to develop catastrophe insurance risk Securitization mainly include: strengthening the index research of catastrophe insurance risk Securitization;Establishment of the issuance agency of Securitization about catastrophe insurance risk;To improve the financial supervision of catastrophe insurance risk Securitization;To make up the legislative gap of catastrophe insurance risk Securitization.In the face of natural disasters,how tominimize the losses,how to transfer the risks,and the top-level design of the legislation of the legislator.To sum up,China's natural disasters are frequent.Compared with the developed insurance risk transfer system in Europe and America,China still has a large gap.Although the catastrophe insurance,catastrophe bond,bond insurance connection many aspects such as economics,finance,but are in urgent need of from the aspects of legislation and theory,to research and explore,facilitate scientific legislation,better make up for the legislation in the aspect of catastrophe bonds and other related legal norms of blank,better play to the role of the law,to guide the law enforcement and legal operation.