巨灾保险保费定价方法研究

巨灾保险保费定价方法研究

摘  要: 2004年12月26日印尼北部苏门答腊岛亚齐省海域发生里氏8.9级地震，并引发强烈海啸波及周围国家，造成迄今为止至少15.5万人伤亡，这是107年来历史上最严重的地震之1。 “海啸”灾难，让我们清醒地认识到发展巨灾保险的重要性与迫切性，巨灾保险对于维护社会稳定，保证经济的平稳发展具有不可替代的作用。然而，我国当前发展巨灾保险面临着种种困难，其中最突出的问题就是巨灾保险的定价方法。本文从分析传统的保险产品定价方法入手，阐述了目前所使用的方法不适用于巨灾保险的弊端，认为应该将巨灾保险作为证券放到资本市场中，从而完善巨灾保险产品的定价方法。本文引用了CAPM定价模型，对之加以调整得出巨灾保险产品的风险附加费用，从资本市场的角度研究巨灾保险产品的定价，以便更加合理地解释巨灾保险产品的定价问题。

关键词: 巨灾保险，巨灾证券，CAPM，保费，巨灾债券 

Research on the Pricing Methods of Catastrophic Insurance

Abstract:  A magnitude 8.9 earthquake, that happened in Indonesias northern Aceh province on Sumatra island waters in december 26.2004 , aroused a strong tsunami around the countries, so far caused at least 155,000 deaths and injuries, is the most serious one of the earthquake during 107 years of history . "Tsunami" disaster, lets us clearly understand that the the importance and urgency of the development of catastrophic insurance for the maintenance of social stability, ensures steady economic development play an irreplaceable role. However, Chinese current development of catastrophe insurance is facing many difficulties, the most prominent of which is the issue of catastrophic insurance pricing methods. Based on the analysis of traditional insurance products pricing methods, I expounded the currently used method is not applicable to the catastrophic insurance abuses that should be as catastrophic insurance capital into the securities market, thereby improving the catastrophic insurance product pricing. This paper quoted the CAPM pricing model, which is adjusted to make it come to catastrophic risk insurance products in additional costs, from the perspective of capital market research catastrophe insurance product pricing, to gain a more reasonable interpretation of the catastrophe insurance products pricing.

Keywords: Catastrophe insurance, Catastrophe securities, CAPM, Insurance premium, Catastrophe bonds 内容来自www.nseac.com