catastrophe risk

catastrophe risk

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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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