頁籤選單縮合
題 名 | 臺灣發行颱風債券之危險移轉效益研究=The Benefit of Risk Management: A Study of Issuing Typhoon Bonds in Taiwan |
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作 者 | 呂廣盛; 陳威榮; | 書刊名 | 核保學報 |
卷 期 | 21 2014.03[民103.03] |
頁 次 | 頁a6+1-30 |
分類號 | 563.538 |
關鍵詞 | 巨災債券; 資本資產定價模型; 現值分析; 收益率; 啟賠條件; Catastrophe bond; Capital asset pricing model; Present value analysis; Triggers; |
語 文 | 中文(Chinese) |
中文摘要 | 根據中央氣象局歷年颱風襲臺的統計,每年發生颱風災害事件約 3.7次,平均損失超過新臺幣 200億元,導致無法買到再保險。因此,引入新的風險管理方法來分散、轉移颱風的災害損失,始終是政府、產業界及學術界的重要課題。 鑒於臺灣成功發行地震債券已有效達到地震巨災風險管理的效果。本研究嘗試以資本資產定價模型( Capital Asset Pricing Model, CAPM)及現金流量現值分析法,就債券還本類型與啟賠條件來確定颱風債券的收益率及價格。研究結果顯示,以本金 50%保證型為最合適的債券發行價格,並以再保險為主,颱風債券為輔的危險移轉效果最佳。而為確立發債的效益,建議可成立專責研究的機構,同時修改法規並確立理賠流程標準化等,以達到保險經營的效益。 |
英文摘要 | According to the statistics from Central Weather Bureau, typhoons have had hit Taiwan on an average about 3.7 times per year over the past few years, with an average of NT $20 billion loss. This result in the reinsurance can’t be purchased. Therefore, introducing the new catastrophic risk management method to minimize the lost caused by typhoon has always been an important topic for the government, academic and insurance industry. As the issued earthquake bond has been working effectively to reach catastrophic risk management standard, the article attempts to use Capital Asset Pricing Model (CAPM) and cash flow’s Present Value Analysis to confirm the price and bond yield of typhoon bond according to bond’s type and trigger condition. The result shows that the most suitable price for issuing the bond is Capital Guaranteed Notes with 50% dR. The best beneficial result in diverting the risk into the practice is to set Reinsurance as primary factor and Typhoons risk as secondary factor respectively. To ensure the profit of the issued bonds, it is suggested to establish a specific responsibility research institution, meanwhile revising the regulation and standardize the settlement of claim to achieve the profits of the insurance. |
本系統中英文摘要資訊取自各篇刊載內容。