巨災保險保費定價方法研究
摘 要: 2004年12月26日印尼北部蘇門答臘島亞齊省海域發生里氏8.9級地震，並引發強烈海嘯波及周圍國家，造成迄今為止至少15.5萬人傷亡，這是107年來歷史上最嚴重的地震之1。 “海嘯”災難，讓我們清醒地認識到發展巨災保險的重要性與迫切性，巨災保險對於維護社會穩定，保證經濟的平穩發展具有不可替代的`作用。然而，我國當前發展巨災保險面臨著種種困難，其中最突出的問題就是巨災保險的定價方法。本文從分析傳統的保險產品定價方法入手，闡述了目前所使用的方法不適用於巨災保險的弊端，認為應該將巨災保險作為證券放到資本市場中，從而完善巨災保險產品的定價方法。本文引用了CAPM定價模型，對之加以調整得出巨災保險產品的風險附加費用，從資本市場的角度研究巨災保險產品的定價，以便更加合理地解釋巨災保險產品的定價問題。
關鍵詞: 巨災保險，巨災證券，CAPM，保費，巨災債券
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
