巨灾风险证券化:核心障碍、国际经验及路径设计OA

China is one of the countries most severely affected by natural disasters globally,and its traditional insurance system exhibits a significant umderwriting ca-pacity gaps in coping with catastrophe risks.Catastrophe risk securitization serves as an effective financial instrument for transferring risks and broadening financing channels;however,its development in China has been slow.To investigate the un-derlying reasons,this paper systematically analyzes the core obstacles constraining its development,which primarily include:insufficient localization of pricing models,limited market awareness,an unclear institutional framework,and a deficient foun-dational data infrastructure.Based on a comparative studies of mature practices in countries such as the United States,Japan,and Mexico,key insights are summa-rized,highlighting the importance of clear regulation,professional services,and in-vestor education.Tailored to China's context,a catastrophe bond targeting typhoon risk and employing a hybrid trigger mechanism is designed,with its pricing logic e-laborated.Finally,a systematic three-phase pathway is proposed,encompassing"regulatory sandbox pilots,""market ecosystem cultivation,"and"comprehensive and in-depth development."This pathway aims to provide a feasible plan for China to construct a multi-layered catastrophe risk dispersion system and enhance socio-e-conomic resilience.