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保险风险证券化可分为两大类:产险证券化和寿险证券化。产险证券化不同于寿险证券化,前者通常是作为风险管理工具,将巨灾峰值风险转移到资本市场;后者主要是作为融资工具来缓解资金和准备金压力。但是,极端死亡率债券和巨灾债券相似,均在于转移巨灾峰值风险。产险证券化面临基差风险和道德风险,而寿险证券化有利息风险、资本市场风险和信用风险。
Insurance risk securitization can be divided into two broad categories: property securitization and life securitization. Unlike the life securitization, property liability securitization is usually used as a risk management tool to transfer the peak risk of catastrophe to the capital market. The latter is mainly used as a financing tool to ease the pressure on capital and reserve. However, extreme mortality bonds resemble cat bonds, all of which involve shifting the peak risk of catastrophes. Securitization of property and casual insurance faces basic risk and moral hazard, while life insurance securitization has interest risk, capital market risk and credit risk.