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ID:24316171
大小:25.50 KB
页数:3页
时间:2018-11-13
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1、Catastrophe risk AbstractThispaperexaminestherecentemergenceofinitiativesinvolvingthereinsuranceindustryandthecapitalmarketstodevelopmechanismstofinancethelossesarisingfromcatastrophicevents.seinitiativesarediscussedfromtwoperspectives.Oneperspectiveexploresthesefinancingmechanismsfrom
2、thecontentionthatcatastrophiceventsarebecomingincreasinglynon-insurablewithincontemporaryrisksociety.Inthisregardthepaperaddressesissuesrelatingtothecoherenceandsustainabilityoftherisknetworksunderpinningeffortstomaintaintheinsurabilityofcatastrophicevents.Thesecatastrophe-financinginitiativesar
3、ealsodiscussedfromasecond,althoughrelatedperspective.Thisreferstotheveryemergenceofthesedifferentfinancingmechanisms.Inthisregardthemovingpotentialofliberalgovernmentortheinventivemechanicsdrivingthedevelopmentofdifferentwaystomanagecatastrophicriskbecomesignificant.Thepaperarguesthattheemergenc
4、eofthesedifferentcatastrophe-financingmechanismsisoccurringattheintersectionofconcernsoverthenon-insurabilityofthecatastrophicandtheextremesofcapitalistingenuity,suggestingbothperspectivesmightofferinsightsintosomeofthepossiblefuturetrajectoriesofrisksocietyThispaperisconcernedwithcatastrophicri
5、sk(bothfromnaturalcatastrophicevents,suchasearthquakes,hurricanesandfloods,andfrom‘man-made’ones,suchasenvironmentaldisasters,satellitecrashesandterroristattacks).Morespecifically,thepaperaddressesissuesrelatingtomechanismsavailabletofinancethecostsassociatedwithsuchcatastrophicevents.Thefocusof
6、thepaperisontherecentemergenceofinnovativefinancialinstrumentsdevelopedbyreinsurersinconjunctionwiththecapitalmarketsdesignedtospreadthecostsofcatastrophesacrossawiderfinancingbase.Thisprocess,termedthesecuritizationofcatastrophicrisk,involvespackagingtherisksassociatedwithaparticularcatastrophi
7、ceventandtransferringthemtothecapitalmarkets, assumestheobligationforfinancingthecostsofcatastrophesinreturnforsomeformofpaymentfromthereinsurer.Securitizedcatastrophicriskfirstappearedinthecapitalmarketsin1995and1996andrema
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