保險風險證券化【外文翻譯】

1、外文題目：InsuranceRiskSecuritization出處：JournalofStructuredFinance作者：WattmanMalcolmP.Jones原文：InsuranceRiskSecuritizationMALCOLMP.WATTMANKIMBERLYJONESMALCOLMP.WATTMANispartnerofCidvvaladerWickersham&TaftLLPinNewYkKIMBERLYJONES

2、isana.ssociatoatCadwaladerWikersham&TaftLLPinNewYkNY.kimberly.jones@EachyeartowardthebeginningofthesummermonthsmanyinsurancereinsurancecompanieswatchtheweatherintheGulfCoastwithanxiouseyesbaitedbreathfsignsofpotentialmeg

3、astmsthatcouldmakelfallintheUnitedStatescausecatastrophicpropertydamage.ThefocusofthesecompaniesremainsintentthroughoutthehurricaneseasonbecausethoughrarecatastrophiceventslikeHurricanerewHurricaneKatrinacanresultinmegap

4、ropertyinsuranceclaimsthatcanwipeoutafledglinginsurancereinsurancecompanyshakeupthebalancesheetsofthestrongerones.Insurersreinsurersemployvariousmethodsofreducingtheirexposuretopotentiallossesfromcatastrophiceventsinclud

5、ingcedingriskstoreinsurers.Howeverthescarcityofreinsuranceindustrycapacityappetitefcertainriskshasresultedininsurancecompaniesothersseekingcapitalmarketssolutionstoobtainneededreinsuranceinsurancecapacity.Oneofthemostpop

6、ularperhapsoneofthemostefficientcapitalmarketstoolsisthesecuritizationofcatastrophicriskthroughtheissuanceofrisklinkedsecuritiesalsoknownascatastrophe“cat“bonds.Unlikemewellknownsecuritizationsofcashflowscatastrophebonds

7、areeffectivelysecuritizationsofinsuranceliabilities.Theyareacterizedbytheirkeyfeature—onemecatastrophiceventstowhichthebondsareexposedcanresultinapartialcompletelossofprincipalinteresttotheaffectedbondholders.Thisarticle

8、examinesthepropertiesofcatastrophebondstheirusefulnessinthereinsurancecapitalmarketsarenas.CATASTROPHICCATASTROPHICREINSURANCEREINSURANCEOneofthemaindriversoftherecentspikeincatbondissuanceisthelimitedcapitalofthewldsins

9、urancereinsuranceindustryavailabletocoverthemarketdemfcatastrophicrisktransfer.2005hurricanesKatrinaRitaWilmaresultedinover$60billionoflossestothereinsuranceindustrycreatedanurgentneedfalternativesourcesofrisktransfer.Fo

10、llowingthosethreestmsratesinthecatastrophereinsurancemarketspikedbyupto150%capacitylimitationsbecameprevalentdemonstratingthattheremaynotbeenoughcollectivecapitalinthereinsurancemarkettocoveralltherisksseekingcoverage.Th

11、iscapitalshtagewasfurtheraggravatedbymodificationstomodelsusedbytheinsuranceindustrytoevaluatepotentiallosses—whichhadtheresultofincreasingmodeledrisklevels—bythecreditratingagenciesimposingstrictercapitalrequirementsonr

12、etainedcatastrophicliabilities.Catastrophebondsservedtoincreasecapacityliquiditythroughthecapitalmarketwithoutstressinganalreadyoverburdenedreinsurancemarket.AftertheKRWstmstheissuanceofcatbondsincreasedsubstantiallywasa

13、ccompaniedbywidespreaduseofothercapitalmarketsrisktransfertechniquessuchassidecarsindustrylosswarranties.CATASTROPHICCATASTROPHICRISKSRISKSManynaturaldisasterslendthemselvestothebenefitsofcatastrophecoverincludingearthqu

14、akeswindstmshailtnadoesfloods.CatastrophiceventscommonlycoveredbypropertyreinsurancemarketstherefecatastrophebondsincludeEastGulfCoasthurricanesCalifniaotherU.S.earthquakesJapanearthquakesEuropewindstms.Lifeinsurancecomp

15、anieshaverecentlytappedthecatbondmarkettoobtainsecuritizedreinsurancecoverfeventssuchasapemicwhichcouldresultinaseriousspikeinmtalityrates.CatastrophebondcoveragehasalsoextendedtoAustraliaearthquakestropicalcyclonesMexic

16、oearthquakesMonacoearthquakesotherregionsexposedtoahighconcentrationofpotentialcatastrophicloss.Atleastonegovernmentalreliefagencyhasusedthecatbondmarkettosecurefundsfreliefefftsontheoccurrenceofcertaincatastrophicevents

17、.INVESTSINVESTSPERSPECTIVEPERSPECTIVEFreasonsofcompliancewithUnitedStatesfederalsecuritieslawssuitabilityissuescatastrophebondsaretypicallysoldonlytoqualifiedinstitutionalbuyersasdefinedinRule144AundertheU.S.SecuritiesAc

18、tof1933asamendedthatwithrespecttoU.S.personsarealso“qualifiedpurchasers“fpurposesofSection3(c)(7)oftheU.S.InvestmentCompanyActof1940asamendedinsometransactionstoothernonU.S.Institutionalinvests.Theminimumdenominationisty