The Research On Catastrophe Risk Dispersive Mechanism

China is a country with high frequency of catastrophe events. The average economic damage causing by catastrophe events in China was over RMB100 billion per year in 1990s. Such high cost has constrained the economic development of China. At present the Management liability of natural disaster are mainly borne by the government. People mainly rely on the Government's salvation and social contributions. From 1990 to 2005, state fiscal compensation only accounted for 1.6% of the total disaster loss of the country. At the same time, restricted by insurance companies'underwriting guide-line catastrophe perils are rarely insured and thus insurance community played a very limited role in china's catastrophe compensation. Therefore, in theoretical study or in practice to explore the mechanisms, it appears to be particularly important.The article based on the experience of catastrophe risk management in developed countries, analysis the China's catastrophe risk management, Focus on comparing catastrophe reinsurance, catastrophe bonds and other means to spread catastrophic risk And stressed that the comprehensive use of various means. Aimed at exploring a useful way to China's catastrophe risk management, Summed up to build our country should gradually led to the Government, covering the areas of government, insurance companies, reinsurance companies and capital markets as the main business of catastrophic risk management model. The Government's main function is to guard against catastrophic risk and the matter of the prior control, Catastrophic risk of financial losses by the victims, insurance companies and capital markets to bear, the Government is only responsible for formulating policies to promote the transfer of those of the smooth conduct of business.First, the article analyzed theoretically two catastrophic risk dispersion mechanisms——insurance/reinsurance and catastrophe risk securitization. The first part, we analyze the limitation of the insurance/reinsurance catastrophic risk dispersion mechanisms. In the part of the catastrophe risk securitization, catastrophe security is a way to disperse catastrophe risk through capital market. Catastrophe risk securitization is a most effective way to reduce catastrophe risk through capital market.Next, review the catastrophe loss records in China, analysis of the current situation and problems of catastrophic risk dispersive mechanism in our country.Then, we did a comparative analysis of the catastrophe risks dispersion mechanisms in abroad and found its characteristics. And we draw out some of conclusions for our country.Finally, through analysis of the current situation of catastrophic risk dispersive mechanism, we give an integration model of catastrophic risk dispersive mechanism, combining government, insurance market and capital markets.