中文摘要：

如何分散和转移巨灾风险，实现巨灾风险管理的有效性已成为当今的重要课题。论文对50家样本中的5家保险公司进行了成本分析，最后得出保险公司无论是采用传统的再保险方式或新型的巨灾期权方式都能够达到转移风险的目的，并且比仅补充资本金的方式更节约成本，风险厌恶系数越小的保险公司节约成本的效果更明显。另外，还得出最好的混合融资方式很大程度上取决于保险公司风险暴露与巨灾指数相关性的大小。一些保险公司能够通过使用巨灾期权很大程度上降低巨灾保险的融资成本。

英文摘要：

How to handle with these catastrophe risks efficiently has become an important problem for （Re） insurance industry and government Although instruments such as contingent surplus notes, catastrophe bonds, catastrophe option and so on can be effective instruments, they will also bring new cost. How to use traditional and new instruments efficiently becomes this paper＇ s core issue. The paper focuses on the use of catastrophe options to analyze the cost, and dem onstrate a method for analyzing the cost of financing catastrophe insurance with the following in struments insurer capital reinsurance and catastrophe options. This paper performs a sample analyses for five insurers from the fifty insurers. The analyses show that either the traditional rein surance or the catastrophe options, both can reduce the total cost, included catastrophe lose, and when the risk aversion is lower, the reduction appears more obvious. Besides, the best mix of capital, reinsurance, and catastrophe options depends on how well an insurer＇s losses corre late with the index - that is, on the basis risk. Some insurers can significantly reduce their cost of financing catastrophe insurance by using catastrophe options.