保险风险证券化【外文翻译】

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1、外文题目：InsuranceRiskSecuritization出处：JournalofStructuredFinance作者：WattmanMalcolmP.Jones原文：InsuranceRiskSecuritizationMALCOLMP.WATTMANANDKIMBERLYJONESMALCOLMP.WATTMANispartnerofCidvvalader,Wickersham&TaftLLPinNewYork,NY.malcolni.wattman@cwt.coniKIMBERLYJONESisana.ssociatoatCadwalader,Wikersham&TaftLL

2、PinNewYork,NY.kimberly.jones@cwt.comEachyear,towardthebeginningofthesummermonths,manyinsuranceandreinsurancecompanieswatchtheweatherintheGulfCoastwithanxiouseyesandbaitedbreathforsignsofpotentialmegastormsthatcouldmakelandfallintheUnitedStatesandcausecatastrophicprop-ertydamage.Thefocusofthesecomp

3、aniesremainsintentthroughoutthehurricaneseasonbecause,thoughrare,catastrophiceventslikeHurricaneAndrewandHurricaneKatrinacanresultinmegapropertyinsuranceclaimsthatcanwipeoutafledglinginsuranceorreinsurancecompanyandshakeupthebalancesheetsofthestrongerones.Insurersandreinsurersemployvariousmethodso

4、freducingtheirexposuretopotentiallossesfromcatastrophicevents,includingcedingriskstoreinsurers.However,thescarcityofreinsuranceindustrycapacityandappetiteforcertainriskshasresultedininsurancecompaniesandothersseekingcapitalmarketssolutionstoobtainneededreinsuranceorinsurancecapacity.Oneofthemostpo

5、pular,andperhapsoneofthemostefficient,capitalmarketstoolsisthesecuritizationofcatastrophicriskthroughtheissuanceofrisk-linkedsecurities,alsoknownascatastropheor"cat"bonds.Unlikemorewell-knownsecuritizationsofcashflows,cat-astrophebondsareeffectivelysecuritizationsofinsuranceliabilities.Theyarechar

6、acterizedbytheirkeyfeature—oneormorecatastrophiceventstowhichthebondsareexposedcanresultinapartialorcompletelossofprincipalandinteresttotheaffectedbondholders.Thisarticleexaminesthepropertiesofcatastrophebondsandtheirusefulnessinthereinsuranceandcapitalmarketsarenas.CATASTROPHICREINSURANCEOneofthe

7、maindriversoftherecentspikeincatbondissuanceisthelimitedcapitaloftheworld'sinsuranceandreinsuranceindustryavailabletocoverthemarketdemandforcatastrophicrisktransfer.Mostriskscoveredbyinsurancecompaniesaresufficie