巨灾债券是发行收益与指定的巨灾损失相连接的债券,它与行业损失担保、应急资本、巨灾期货等同属保险连接证券的一种。巨灾债券是利用市场化机制将集聚的风险从保险市场分散到资本市场的有效途径,不仅有助于提升保险公司的承保能力,也有助于提升政府部门的灾害补偿能力。面对我国自然灾害频发、地方政府财力有限的现状,将保险连接证券纳入多层次巨灾保险体系,有着较强的现实意义。 Catastrophe bonds are bonds issued with proceeds linked to designated catastrophic losses. They are one of the types of insurance linked securities that are covered by industry losses, emergency capital and catastrophe futures. Catastrophe bonds are an effective way to disperse the risk of agglomeration from the insurance market to the capital market by using the market-oriented mechanism, which not only helps to enhance the underwriting capacity of insurance companies, but also helps to enhance the disaster compensation capacity of government departments. Faced with the frequent natural disasters in our country and the limited financial status of local governments, it is of great practical significance to integrate insurance linked securities into a multi-level catastrophe insurance system.