| Mitigation of catastrophic risk is a far more complicated issue, which is affected by global climate change and development of urbanization. Since catastrophic risk sweeping the world, China's risk management on Catastrophe is on the agenda of both government and insurance industry.Since the founding of new China, China has gradually established disaster prevention system forming catastrophe risk management system in which fiscal relief reflects governmental duties unreasonably defined. In principle, market functions should not be administrative intervened. So on the one hand, Government's management to catastrophe risk is limited, but on the other hand, development of market means has been greatly restricted. Commercial insurance model plays a limited role independently by the present under-developed insurance industry and low Insurance rates in China.Base on this, this paper combines international experiences with our national conditions to establish a catastrophe risk sharing mechanism, joint participation by the insured, insurance, capital market, reinsurance and government.There are two focuses of research: one is China's catastrophe guarantee fund pattern, taking financing mechanism as key point; the other is catastrophe insurance mechanism, taking insurance product design and policy insurance implementation as key points. The two research themes constitute the main part of this paper, added together to establish a catastrophe guarantee fund, taking catastrophe insurance as the subject.This paper proposes to provincial policy catastrophe insurance as the subject of the national catastrophe guarantee fund. The central fund provides full reinsurance for the local insurance, and government set up special accounting to provide reinsurance for central fund.Specifically, the research contents of this paper are as follows:The first part, introduction part. The first chapter describes the background, research significance, research content, research methods and research objectives, as well as the main innovative points and shortcomings. The second chapter is about general analysis of catastrophe fund. First introduces the definition of catastrophe, catastrophe risk and catastrophe Fund, then analyses the disaster situation and risk management status in China, from several aspects like government participation, law construction, cash sweep and relief effect. Finally briefly introduces the existing designs of catastrophe fund in China to lay the foundation for the design of the catastrophe guarantee fund pattern in this paper. The third chapter summarizes international experience in catastrophe fund mode, with comparative studies from the legal protection, insurance subject, underwriting and compensation, providing enlightenment for our country.The second part, the organizational structure. The fourth chapter discusses the establishment of the guiding ideology of catastrophe protection fund, based on the analysis of the IMF's focus on the choice of form. Referred to China's social security fund and insurance protection fund organizational model, catastrophe protection fund has two organizational models to choose from, namely the GEF Council organizational models and fund organizational model. According to analysis, the proposed catastrophe protection fund can be implemented in the organizational form "two-step" to guarantee long-term strategic goal--the establishment of China catastrophe fund, then to achieve objective reality goal--the establishment of China catastrophe Security Fund Council and the IMF. Focusing on establishing a fund of the Council, I have conducted its organizational structure and internal governance, which mainly mean to solve the division of institutional settings attribution core institutions and business sector and the main regulatory issues of internal governance fund security operations security.The third part, the operating mechanism. The fifth chapter describes the sharing mechanism and trigger mechanism. Sharing mechanism is the core of the operating mechanism, the general idea is to create a government-led multi-level sharing market mechanism, owns the stability and continuity and the corresponding mechanism design, including the sharing of the subject and sharing mechanism exposition. In addition to the basic trigger mechanism and disaster emergency trigger, it also focuses on direct insurance and reinsurance sectors, meaning "two triggers" that triggered the insurance and reinsurance calling for lost trigger, which introduced the index, trigger richening research ideas. Chapter VI describes the financing mechanism, research on financing mechanism of catastrophe guarantee fund, and discusses the security of the establishment of catastrophe fund role of government involvement and market financing function positioning. For research funding imputation problem, selecting the source of funds and fund size are points. Planning of the reserve fund sources host gold deposits, constitute growth and financing of insurance, while insurance financing are the main financing channels.The fourth part, the mode selection. Chapter VII chooses China's suitable catastrophe protection fund models as a starting research point; the mode selection is divided into start-up period, the transition period and maturity period. In terms of design elements, I provided sub-system integration as a means, losing the idea of sharing as a guide to discusses national coordinating a comprehensive catastrophe protection fund model dominated by the government based on the provinces" catastrophe insurance.The fifth part, policy recommendations. Chapter VIII analyzes the implementations of the main points of catastrophe protection fund mode:driven financial support and enforcement, as well as implementation path and insurance fund financing path. Conclusion section summarizes the main results of this study, staring in politic recommended approach.Through research, we draw the following the representative policy recommendations:First is to determine the mode of development. Security Fund of catastrophe mode selection is divided into start-up period-the government-led, transitional period-mixed mode, and maturity-market-driven. This stage is more suitable for the central and local governments under the auspices of the hierarchical model, in which about the relationship between provincial and national catastrophe insurance fund between catastrophe protection funds, I proposed self-provincial catastrophe insurance fund to protect the national catastrophe fund full reinsurance. Initial insurance companies just focusing on taking part and can't assume responsibility for direct insurance of risk, and gradually increase the proportion of retained risk upon maturity.The second is to speed up the overall strategic plan. Around catastrophe protection fund model, the government should introduce relevant laws and regulations, guidance and implementation measures. First, complete the overall strategic and administrative departments and business units involved in the institutional level adequate consultation; arrange good multi-stakeholder body segregation of duties, and to promote the formation of a joint force.The third is to complete organizational structure. Vesting core management agencies Fund Council as "People's Republic of China National Disaster Reduction Center," which consists of the business units mainly "Catastrophe Insurance Management Office" and "Catastrophe Fund Management Office";"Catastrophe Insurance Management Office" while anchored to the China Insurance Regulatory Commission, under China Insurance Regulatory Commission's supervision and guidance;"catastrophe Fund Management Office" by the guidance and supervision of the Ministry of Finance, and accepted the Ministry of Finance's policy.The fourth, pay attention to establishment of mechanism. The system is composed of the sharing mechanism which is at the core of financing mechanisms and triggering mechanism. On the one hand, the government should establish operational mechanisms in the early stages of operation and assume a leading role; on the other hand, it is not sponsored by the government but only is led by the government, in particular the process of system construction and operation, it should use more of market operations under government guidance.The fifth, increase innovation of risk management tools. Under financial support and force, the government supports the insurance market and capital market to participate catastrophe risk diversification. There are two aspects of financial support measures:first, financial investment, by providing reinsurance for insurance losses of a single catastrophic event artificial cap to increase the risk of business catastrophe insurability; second, the direct administration of the premium subsidies. Catastrophe insurance system in the early practice of mandatory insurance funds can be achieved quickly and imputation scale effect.The six, substantively promote the implementation of catastrophe insurance. Taking our pilot started catastrophe insurance as an opportunity to discuss the implementation of catastrophe insurance to organizational mechanisms, risk-sharing, the development model, underwriting technology and premium subsidies to point to explore the catastrophe insurance from the national and local levels to implement paths. We Actively promote the catastrophe insurance pilot work to build catastrophe protection fund to lay a solid foundation.Through research, the report attempts to get innovation in the following areas:1, the fund model pioneered qualityCurrently almost catastrophe fund models for the study are from abroad mode, thus there are a few ideas for the proposal put forward China's national conditions. This paper proposes a sub-province catastrophe insurance policy as the main mode of the national coordinating a comprehensive catastrophe protection fund, with some pioneering nature. This paper studying the perspective of the problem is not limited to a certain stage of the applicable considerations, but from very objective things to expand the development of the analysis, then malleable in research perspective. The choice which is suited to China's national conditions catastrophe protection fund model is divided into start-up period-the government-led transitional period-mixed mode, maturity-the market-driven.2, innovative operating mechanismThis paper discusses the sharing mechanism, financing mechanisms and triggering mechanism catastrophe protection fund, the operating mechanism for the systematic study of the strong. Moreover, this article is not to discuss general operating mechanism abstract representations, but on a certain carrier, coming catastrophe protection fund as a carrier. So, in addition to guiding ideology embodied in the design concept of risk-sharing, the paper in all aspects of the design of the internal mechanism also reflects the many specific innovations. If the flow of catastrophe risk guarantee fund mode, the Fund's "trigger levels ", the index trigger mechanism, as well as combination of financing mechanisms savings deposits, an increase of gold and hosting.3, innovative reinsurance solutionsThis paper presents a bold guarantee catastrophe reinsurance fund comprehensive use of various means of thinking. Accident to catastrophe excess of loss protection provided by the Fund as a precondition reinsurance contracts, and reinsurance companies strive to reinsurance contracts, the idea is to reverse the plight of catastrophe insurance business uninsurable good way. In this line of thinking, the insurance burden-sharing in the order of the original insurance, the proportion of reinsurance contracts, excess of loss insurance contract position, catastrophe excess of loss contracts (accident excess of loss contract).4, the innovation of risk management philosophyThis article aims to break down the traditional financial relief pattern appears mindset and explore proactive risk management tools. Around this innovative concept, this paper has the following view: While uninsurable catastrophe risk business, but can reveal all the details and premium subsidies by the government to carry out policy catastrophe insurance; if not ease the pressure on short-term financial relief, but in the long run, when booting insurance market and capital market participants the meaning of catastrophe risk management is obviously profound; Catastrophe risk management core objective is to guide rescue people from passive to active participation in changing their risk management ideology, to guide people to fulfill their obligations importance of disaster prevention, sharing loss to take responsibility to protect the interests of obtaining compensation.Of course, building our catastrophe protection fund is a very challenging research topic:the relative direct reference data and literature is always lack of, practice areas do not have enough domestic case can be analyzed, as well as the lack of legislation to protect and practice guidelines. In this paper, drawing many experts and scholars on the basis of research initiated security funds directly challenge to the catastrophe this ultimate goal, there is inevitably a lot of deficiencies, including:The first is the deep-level mining of international experience is not enough. For the sort of international experience, I should not only stay in the mode of representation, it should be more from the pros and cons of the actual effect of the demonstration model, even in the early days, the effect of the dynamic operation of the mid-late different stages, so that a model study could be more likely to be informative. Due to the limited references, coupled with comprehensive finishing work on practical enough foreign literature, this article is not good for the excavation of the lack of experience, I only selected a number of points.Then the model design lacks rigor. Only as the fund itself, the organizational structure of the fund, internal governance, financial operations (including financing mechanisms, triggering mechanism, sharing mechanism), etc. constitute a complete system. This article attempts to protect our catastrophe fund model for system exploration, but it is difficult to take all aspects of the subject and multi-system configuration into account and is expected to operate in dynamic conflicts that may arise, so in the end I just as expounded the ideas in detail as I can, and the inevitable lack of rigor could not be inevitable.Finally, it is the lack of sufficient empirical research--more case studies, less empirical research and mathematical. The main objective reasons are lack of research data catastrophe insurance, and the main subjective reason is not only the limited ability to access data and process data measurement studies, but also the lack of a broader national platform to get valid data. The parameters of the mechanism design is an ability to visualize research tools, such as the sharing ratio sharing mechanism design, financing mechanisms, namely financing scale data estimates. In this paper, this aspect of the larger development space left, and would be in urgent need of future research in depth and refinement... |
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