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1、外文題目：InsuranceRiskSecuritization出處：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
