巨灾债券定价理论

atastrophe insurance derivatives have been adopted as supplements of catastrophe insurance to widen the financing channels of insurance funds in some developed countries and regions, and they are effective to transfer catastrophic risk into the capital market. Catastrophe bonds (CAT bonds) are the most active catastrophe insurance derivatives. Researches on CAT bonds have been focused on pricing models since the first CAT bond issued. Pricing models of CAT bonds in complete and incomplete markets are reviewed in this paper, and they are expected as references in catastrophic risk management of China.