中文摘要：

通常有两种方式建立巨灾保险基金，一种方式是为每一种巨灾风险建立单独基金，另一种方式是为所有的巨灾风险建立一个联合基金。本文在构建巨灾保险基金规模函数的基础上，从理论上比较了两种方式的基金规模，通过理论推导发现巨灾保险基金规模随着风险容忍度的降低而增加，在风险容忍度相同时，联合巨灾保险基金的规模不大于分别建立巨灾保险基金的规模之和。本文选取地震和洪水这两种巨灾风险进行实证研究，通过实证发现，对于我国财产保险业而言，在巨灾保险基金成立初期，巨灾承保比例为40％时对应的巨灾保险基金规模为289．22亿元。

英文摘要：

In practice, there are two methods to build a Catastrophe Insurance Fund, one of which is to build a joint fund, and the other one is to build an independent fund for every catastrophic risk. On the basis of the function of the Catastrophe Insurance Fund size, this paper compared the sizes of the Catastrophe Insurance Funds for the above two cases. By the deduction, this paper found that the size of the Catastrophe Insurance Fund would increase when the risk tolerance level decreased, and for the same risk tolerance level, the size of joint fund was not bigger than the sum of independent funds. At last, this paper chose the earthquake risk and the flood risk as two catastrophic risks to calculate the size of the Catastrophe Insurance Funds, and found that, for China＇ s property ＆ casualty insurance in dustry,the best catastrophic coverage ratio was 40% with a corresponding fund size of RMB 28,922 million at the initial stage of the fund.