The Research On The Transfer Mechanism Construction Of Catastrophe Risk In China

China is one of the countries with the most serious catastrophe risk in the word,featuring various disasters,wide range,high frequency and great loss.Development and construction in economy and culture need years of struggle and accumulation,but the occurrence of a catastrophe may destroy it all.Dealing with the catastrophe risk,China mainly relies on the national financial support.However,with the high frequency of catastrophe risk and expansion of the scale,solely relying on national finance is not enough to bear the loss in life,property,economy and culture caused by catastrophe.This has seriously hindered China's economic construction and development.Therefor,perfecting the construction of catastrophe risk transfer mechanism and enhancing the ability to deal with catastrophe risk have become the urgent problems need to be settled.Based on the theory of Risk Dispersion and the Law of Large Numbers,this paper adopts the methods of literature analysis,comparative analysis and in-depth interview.Taking the status quo of transfer mechanism construction of catastrophe risk as the starting point,and comparing with the practice mode of transfer mechanism in foreign countries,China has problems in terms of insufficient supply of catastrophe insurance,insufficient compensation capacity for catastrophe risk,limited reinsurance market,single transfer form of catastrophe risk,and so on.These problems are caused by the lack of historical data on catastrophe,the imperfect legal system,the weak will of policy-holders and insurance companies,the difficulty in pricing catastrophe insurance and catastrophe bonds,etc.All of these seriously hinder the process of the transfer mechanism construction in catastrophe risk.In view of the above problems,this paper puts forward several suggestions to promote the construction of catastrophe risk transfer mechanism in China,including building professional catastrophe insurance system,expanding reinsurance market,establishing catastrophe guarantee fund and catastrophe risk bond,developing catastrophe swap mechanism and so forth.