Sekurytyzacja ryzyka terroryzmu

• Autorzy: Aleksandra Małek

Warianty tytułu

Terrorism risk securitization

• Języki publikacji: PL

Abstrakty

Powstanie produktów sekurytyzacji ryzyk ubezpieczeniowych, zwanych ILS lub RLS (insurance/risk linked securities), było bezpośrednim następstwem kumulacji szkód wynikłych z katastrof naturalnych ostatniej dekady ubiegłego stulecia. Chociaż rozwiązania te mocno czerpią ze stabilnych wzorców wypracowanych przez branżę bankową, mają dwie istotne cechy nakazujące postrzeganie ich w kategoriach odrębnej klasy sekurytyzacji. Przede wszystkim ILS są instrumentami transferu ryzyka, a nie, jak w praktyce bankowej, refinansowania działalności. Nie opierają się też, w odróżnieniu od bankowych papierów zabezpieczonych aktywami (Asset Backed Securities - ABS), na przyszłych płatnościach z aktywów. Charakterystyczne dla ILS jest powiązanie ich ze zobowiązaniami z tytułu przyszłych świadczeń podmiotu emitującego, co - w zderzeniu z właściwym asekuracji uwarunkowaniem wypłat od zajścia konkretnego zdarzenia nakazuje sklasyfikować je w kategorii raczej Contingent Liability-Backed Securities (CLBS).(fragment tekstu)

EN

Terrorism risk has become a part of the global insurance industry as a consequence of globalization development and sociopolitical changes. Being predominantiy a national concern, terrorism has developed in an international threat. The WTC tragedy and the attacks in Madrid in 2004 and London in 2005 exposed this threat especially tremendously. Therefore the terrorism risk must be perceived as a new class of insurance risk. Analyses of terrorism statistics show that nowadays the losses caused by attacks are inconceivable high, what results from the growing concentration of wealth and urbanization trends leading to "mega cities" development. Moreover, this class of risk must be perceived in aspects of both life and non-life industry. The life insurance industry is extremely exposed due to disabilities and new diseases caused by biological weapon and bomb attacks, while the P&C sector losses include not only physical damage of property but also lost profits resulting from e.g. events cancellation. The terrorism risk of insurance and reinsurance companies needs to devise new Solutions, using mechanisms of capital markets as substitutes for classical reinsurance and retrocession methods. The risk securitization in the insurance industry is meeting new opportunities. This paper tries to identify some aspects of terrorism risk and to examine securitization programs based on it. In particular, the bond issued by FIFA as World Cup 2006 coverage will be analyzed as a solution for P&C hne. As terrorism risk securitization Solutions in life sector the analyses of Swiss Re's Vita Capital programs will be provided.(original abstract)

Słowa kluczowe

PL

Sekurytyzacja; Terroryzm; Ryzyko; Obligacje katastroficzne

EN

Securitization; Terrorism; Risk; Catastrophe bonds

• Czasopismo: Wiadomości Ubezpieczeniowe
• Rocznik: 2007
• Numer: nr 5-6
• Strony: 28--36

Twórcy

autor

Aleksandra Małek

• Akademia Ekonomiczna we Wrocławiu

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