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2008, vol. 36, br. 4, str. 95-118
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Uloga tržišta kapitala u upravljanju rizikom osiguranja
Sažetak
Tradicionalan pristup upravljanju rizicima, koji ispunjavaju osnovne uslove osigurljivosti, podrazumeva njihov prenos u osiguranje, a potom i u reosiguranje. MeĐutim, brojni faktori, meĐu kojima je najznačajnije ostvarenje velikih katastrofalnih dogaĐaja, poput sezone uragana u SAD iz 2005 godine, doprineli su formiranju zaključka da je kapacitet celokupnog tržišta osiguranja i reosiguranja ograničen za prihvat rizika, naročito onih katastrofalnog karaktera, što je uslovilo pronalaženje novih rešenja, meĐu kojima je transfer rizika osiguranja na tržište kapitala najzastupljeniji. Konvergencija tržišta kapitala i tržišta osiguranja danas predstavlja ne samo odraz teorijskih razmatranja o takvoj potrebi već i činjenično stanje u području transfera osigurljivih rizika. U radu su analizirani teorijski aspekti ekonomske opravdanosti transfera rizika osiguranja na tržište kapitala, stanje i perspektive razvoja, izazovi i mogućnosti primene svetskih iskustava u domaćoj praksi kao i instrumenti transfera ovog rizika na tržište kapitala, uključujući obveznice za katastrofalne štete, instrumente uslovnog kapitala i derivate osiguranja.
Abstract
Traditional approach to managing risks, those that fulfill basic conditions of insurability, refers to their transfer to the insurer, and than to reinsure. However, numerous factors, among which the most important is the realization of large catastrophic events, such as hurricane season of 2005 in the US, contributed to the conclusion that the aggregate insurance and reinsurance industry capacity is limited for risk acceptance, especially those risks that are of catastrophic character. That conclusion conditioned the need for inventions of new solutions, among which the insurance risk transfer to the capital markets is the most represented. Convergence of capital and insurance markets represents not only the reflection of theoretical considerations of such need but also the factual situation in the field of insurance risk transfer. This article deals with theoretical aspects of the economic justification of insurance risk transfer to capital market, current state and development perspectives, challenges and opportunities for implementation of international experience in domestic practice as well as with instruments for insurable risk transfer to the capital market, including catastrophe bonds, contingent capital structures and insurance derivatives.
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