| The agriculture of China has been suffered a lots of natural disasters. As a agriculture giant, agriculture is the foundation of the national economy, and also a weak industry with higher risk but lower income. Since 2004,The Central Committee has continuously emphasized the importance of agricultural insurance for 7 years and the "12th five years plan", and required localities to create an efficient policy-oriented program in running and expanding agricultural insurance for the development of "Three-dimensional Rural Issues". The next few years witnessed the rapid development of agriculture insurance in China, and became the second largest agriculture insurance market in the world. However, with the extension area and more risks covered by the agriculture insurance, a long term catastrophic risk transfer mechanism for agriculture insurance hasn’t been built yet, and the agriculture insurance companies still have to face up to a lot of operational risk. For the sustainable development of agriculture insurance, it is necessary to build up a catastrophic risk transfer mechanism for agriculture insurance, which should suit our county’s conditions.This article is on the basis of a clear definition of the relevant concept with agricultural insurance catastrophic risk, combined with the introduction of advanced agricultural insurance in the foreign countries, and the analysis of current development of our countries, in order to develop the catastrophic risk mechanism of agriculture insurance.Chapter 1:Introduction. This chapter is the overall planning. Based on the research topic, a lot of papers either home and aboard have been read and summarized. It’s found that most of the research focused on the nature of agricultural insurance, the causes of development difficulties, the mode of development of agricultural insurance and the risk management of agricultural catastrophic risk. However, few of the papers are about the catastrophic risk diversification mechanism of agricultural insurance. We all know that as an important part of the agricultural insurance system, it is important to establish and improve the risk diversification mechanism to sort out the rights and obligations of various stakeholders in agricultural insurance scheme. The long-term risk spreading mechanism ensures the sustainable agricultural insurance development.Chapter 2:Agricultural insurance, policy-oriented agricultural insurance, and catastrophic risk of agriculture insurance. This chapter is the theoretical basis of the article, in order to clear the object and scope of the study. First, it introduces the definition and characteristics of agricultural insurance, and then, come up with the necessity of development policy-oriented agricultural insurance. Second, by defining the core concept of the article—catastrophic risk of agricultural insurance by comparing agriculture catastrophic risk, leads to the purpose of writing this article.Chapter 3:The means of diversification the catastrophic risk of agricultural insurance. This chapter analyzes four means that can be used for diversifying the catastrophe risk of agricultural insurance, namely:financial subsidies, reinsurance, catastrophe risk securitization. Means of risk diversification of agricultural insurance catastrophe risk is an important part of the mechanism. Financial subsidies for risk diversification can be divided into 3 parts:premium subsidies, insurance subsidies to farmers by reducing the risk of asymmetric information in order to ease the excess of loss risk of agriculture insurance company; operation and management cost of subsidies and tax incentives, Through the operation of agricultural insurance policies to support institutions, as an incentive to reduce business risks; establishing catastrophe funds, decentralized agricultural insurance catastrophe risk effective way. Reinsurance, insurance companies spread the risk of an important means of excess of loss, but also the core of agricultural insurance catastrophe risk component. Catastrophe risk securitization, including:catastrophe bonds, catastrophe options, catastrophe swaps and contingent capital. Part 6 of this article, combined with our market system factors analyzes the feasibility of catastrophe risk securitization.Chapter 4:Experience and enlightenment of foreign agricultural insurance catastrophe risk spreading mechanism. This chapter selected the world’s largest agricultural insurance market-the United States, a successful example of public-private partnership model-Spain, success stories of agricultural insurance in developing countries-Mexico, three are recognized worldwide as a typical example of the agricultural insurance, through the Agricultural Insurance Agricultural Insurance and the mechanism of catastrophic risk analysis of two aspects, summed up the characteristics of the three countries, agricultural insurance and agricultural insurance for the following catastrophe of the establishment of mechanisms to provide risk. diversification can learn from the mature experience.Chapter 5:China’s agricultural insurance catastrophe risk diversification mechanism outlined in the course of development and analysis. This chapter consists of three parts, namely, the development of agricultural insurance policy history and present situation, the main mode of policy analysis of agricultural insurance, catastrophe risk diversification mechanism of the model comparison. China’s agricultural insurance policies currently the main mode of the pilot: commercial self-management, professional management, the Liaison Office co-insurance, co-insurance+unions, mutual insurance companies and other models. After years of development, each phase has accumulated many successful experiences, by comparing and analyzing the model, is conducive to successful use of existing experience, summed up for the country to promote the agricultural insurance system and the agricultural insurance based on this catastrophic risk decentralized system.Chapter 6:China’s catastrophe risk diversification mechanism of agricultural insurance design and policy suggestion. This chapter consists of five parts:(1) The necessity of establishing catastrophic risk mechanism for agricultural insurance. It’s on the basis of the analysis of the current pilot mode, the main agricultural insurance catastrophe risk diversification mechanism in the problem-based mechanisms explain the lack of risk diversification has become a major constraint for the development of the agricultural insurance. (2) the applicability of the diversification means for agricultural insurance catastrophic risk. Through the development trend of China’s agricultural, institutional conditions and status of technical conditions, leads to the risk diversification means the applicability of our country, to spread the risks of agricultural insurance mechanism below the operating mode of the design basis. (3) catastrophic risk diversification of agricultural insurance system principles, content. Mechanism principles are:the sustainability principle; the government supports principle and fairness principle, efficiency principle; contents include:the establishment of multi-agent, diversified, multi-level agricultural insurance catastrophe risk spreading mechanism to explain the rich connotation. (4) The design of catastrophic risk diversification mechanism of agricultural insurance. It consists of participants, running mode and diversification ratio (5) Some suggestion for the establishment of catastrophe risk diversification mechanism of agriculture insurance. |
PDF Full Text Request