生保リスクの証券化

中々進まない保険の証券化

（インスティチューショナル・インベスター誌）

Scottish Re Mortality Bond Hits Target Despite Pandemic Fears

05/09/06

スコッティッシュ再保険は、疫病などによる大量死亡リスクをヘッジする証券化を行いました。これは、昨年のスイス再保険によるものに続く生保リスクの証券化ですが・・・・。

Reactions

Life reinsurer Scottish Re has completed a $155 million securitization that transfers catastrophic mortality risk – the risk of many people dying at once from a big event – to the capital markets. It is only the second company to securitize this kind of risk. Swiss Re was the first with its two Vita Capital deals, the most recent of which was completed in April 2005.

The reinsurer launched the bond to protect itself against increases in U.S. mortality rates or a global pandemic of a disease such as bird flu hitting the U.S. Its decision to arrange the cover was prompted partly by its decision to use the capital markets where appropriate, and partly by its desire to ensure it is covered against all types of peak risks.

独断的コメント：

　未だに利差、比差、死差という制度に守られた収益に依存し続ける我が国の生保業界には、金融イノベーションは他人事か精々インテリジェンス活動（産業スパイ類似行為）の域をでませんが、欧米でも保険リスクのキャピタル・マーケットへの移行は中々進展しないようです。一頃脚光を浴びたキャット・ボンドなども結局線香花火で終わっているようです。それでも、折に触れてこのような証券化が行われるのは欧米のイノベーション志向の表れなのでしょう。

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