架设风险“新桥梁”：巨灾债券国际市场实践与内地发行可行性分析

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Catastrophe bonds are effective tools for transferring and diversifying catastrophic risks between the insurance and capital markets, and they have shown significant advantages in the international market. With the increasing demand for risk management and policy support, catastrophe bonds have the potential to be issued in the Chinese mainland market, although there are still some challenges to be addressed [4][8][15] Summary According to Relevant Catalogs 1. Birth and Theoretical Research of Catastrophe Bonds - Catastrophe bonds are financial innovation tools that emerged in the early 1990s due to the inability of traditional reinsurance to meet the demand for catastrophic risk dispersion. The first catastrophe bond was issued in 1997. Compared with catastrophe reinsurance, they can expand the underwriting boundary, isolate the issuer's credit risk, and ensure relatively stable costs [4] - The core mechanism of catastrophe bonds revolves around the Special Purpose Vehicle (SPV). The issuer transfers specific catastrophic risks to the SPV and pays a transfer consideration. The SPV issues bonds to capital - market investors, and the bond repayment is linked to preset catastrophe trigger conditions [4] - The product structure and key elements of catastrophe bonds cover multiple dimensions, including underlying risks (expanded from traditional natural disasters to non - traditional risks), trigger mechanisms (such as loss - compensation type, industry - loss type, etc.), issuance interest rates (determined by the risk - free rate and risk spread), term structures (mostly medium - and short - term), repayment structures (various types to meet different risk preferences), and regulatory rules (showing a trend of regulatory synergy) [5][7] 2. International Market Practice of Catastrophe Bonds - The international catastrophe bond market features continuous scale expansion, highly concentrated issuance markets, diversified risk targets, high yields, and low correlation with other assets' returns. As of October 2025, the global stock of catastrophe bonds reached $56.1 billion. The US market dominates, and the top ten issuers account for 41.58% of the stock. The underlying risks have diversified, and the loss - compensation type trigger mechanism is dominant (73.8% of the stock as of October 2025) [8] - Catastrophe bonds have significant return premiums, with yields ranging from 8% to 15% since 2010. They are independent and stable during market fluctuations, and their overall payout ratio is controllable [8] - Catastrophe bonds have become an important part of the global risk - management framework. Driven by climate change, increased insurance demand, technological progress, and regulatory optimization, the market is expected to further develop [9] 3. Feasibility Analysis of Catastrophe Bond Issuance in the Chinese Mainland - Chinese mainland insurance companies started issuing catastrophe bonds in 2015, and three companies have successfully issued 4 bonds. The issuance has achieved multi - dimensional breakthroughs in terms of the market, issuer, and product design [11] - There are opportunities for catastrophe bond issuance in the Chinese mainland. The demand from insurance companies is high, and leading companies have gained experience in international markets. Investors also have a high demand for catastrophe bonds. The Chinese government has issued policies to support the development of catastrophe bonds [14] - However, there are also challenges. The relevant systems for catastrophe bond issuance and the full - spectrum catastrophe model system need to be improved. The integrity, availability, and accuracy of disaster data in the Chinese mainland are inferior to those in mature international markets. Additionally, investors in the Chinese mainland need to be educated, and overseas institutions may face various restrictions when investing in mainland - issued catastrophe bonds [15]