巨灾债券起始于上世纪90年代,用于保障发行者因自然灾害而导致的巨灾损失。巨灾债券从1992年推出至今,已有10多年的历史,但其发展道路并不平坦。进入21世纪,随着金融衍生工具的不断创新,巨灾风险的日益增大,尤其在2005年美国受到卡特里娜等飓风使全球保险市场遭受重创之后,巨灾债券的发行速度和规模取得了前所未有的突破,并逐渐成为保险公 Catastrophe bonds started in the 90s of last century to protect issuer catastrophe losses caused by natural disasters. Cat bonds have been in existence for more than 10 years since their introduction in 1992, but their development path is not smooth. In the 21st century, with the continuous innovation of financial derivatives, the risk of catastrophe is increasing. Especially after the U.S. hurricane Katrina hit the global insurance market in 2005, the issuance speed and scale of catastrophe bonds have been achieved An unprecedented breakthrough, and gradually become a insurance company