傳染病風險證券化-以嚴重急性呼吸道症候群為例

Abstract

在現今的社會中，企業的風險管理是相當重要的議題，如何有效的控制風險，已經成為當今管理階層不可忽視的一個環節，在西元2003年，嚴重急性呼吸道症候群在世界蔓延開來，造成不小的恐慌，而對患病者的理賠也造成保險公司的成本，傳染病之特性為在一段時間內，密集的發生，這也導致理賠時間上的集中，而此點與巨災是相當類似的，所幸今年的疫情有效的被控制，如果疫情過為嚴重，對於保險公司短期資金的流動將會造成相當大的影響，甚至進而影響保險公司的獲利與生存，而本研究將是以簡單的統計方法，明確傳達出如何將模型尚未確定的傳染病風險，有效的轉嫁給避險者與投資者，並分析證券發行公司與證券投資者的利基，以便了解此傳染病風險證券發行的可行性與評價方式。

Nowadays, the risk management plays an important role in business. Hence, the top level of management is required to learn as to how to effectively manage various types of business risk. As of February 2003, an unprecedented epidemic, severe acute respiratory syndrome (SARS), was first reported in Asia and then this illness spread to the world over the next few months. The characteristic of this illness is similar to that of catastrophe in that they occur suddenly and the insurant to claim a loss is overwhelming in a short time frame. The outbreak of this unique illness causes additional insurance claim cost. In order to control the cost-rising concern, the goal of this paper is to introduce the model under which we’re capable of managing epidemic risk through insurance and securitization. In terms of our securitization design, this risk can be transferred from the insurer to the hedger and investor those who are willing to bear this risk.