国际保险风险证券化的“成本之谜”研究

Study on "the Riddle of the Cost" in International Insurance Risk Securitization

中文关键词:  保险  证券化  风险转移成本  风险管理

英文关键词:securities market  OTC  market maker

中文摘要:

      基于传统观点,本文从国际再保险市场价格驱动视角出发,阐释了保险风险证券化产生发展的动因,发现了由此导致的风险证券化的成本节约预期与实际成本偏高的矛盾,即风险证券化的“成本之谜”。通过分析研究指出,这一问题产生的根源在于把表层的再保险价格攀升混淆为风险证券化的深层动力,而造成实际成本偏高的直接因素是保险连结证券流动性较差、财税政策不利、外部市场环境不完善等。

英文摘要:

      According to traditional viewpoints, this paper interprets the dynamic reason for the emergence and development of Insurance Risk Securitization from the price driving perspective in international reinsurance market. Thereby it deduces "the Riddle of the Cost" of Insurance Risk Securitization, which means the contradiction between anticipatory cost-saving effect and higher real cost in risk securitization. Through the analysis and research, it concludes that the essential reason for the Riddle lies in the confusion between the superficial price climbing of reinsurance price and the in-depth driving power of risk securitization, while the direct factors to lead to higher real cost are poor liquidity of insurance-linked securities, unfavorable finance and taxation policies, imperfect external market surroundings, etc.