المشتقات المالية في مجال التأمين هل هي أصول مالية بمعامل "بيتا" معدوم؟ "دراسة ارتباط مؤشر كوارث الأعاصير وكوارث الزلازل لشركة ) Aon BENFIELD ( مع مؤشر ) S&P500 ( وسندات شركات أمريكية "

Abstract

The insurance portfolio technical management relies mainly on three elements: the insured’s private funds, safety load and re-insurance. In some cases, these methods may not respond properly and adequately to the security desire of the underlying asset. For this purpose, some insurance risks have been turned to the financial markets through tradable securities. The principle here is to establish a relationship between the investors willing to participate in the insurance risks, and the insured looking for income protection. For this reason, insurance future and option contracts, together with insurance swaps and conditional bonds are considered to be the most important financial innovations that have defined the global financial markets in the recent years. This paper shows how the insurance financial derivatives contribute in solving some problems of the insurance companies such as: exploitation result coverage, increasing the solvency, resolving the Agency dispute between the insured and the shareholders of the insurance companies, improving the solvency of the insurance companies, and providing a convenient profit-making opportunity for the speculators within the financial markets.