The diploma Selected problems of the reinsurance market and their solutions shows the development of the insurance and reinsurance markets in recent years, especially in the last two decades. The diploma deals with changes in the actual situation, describes the classic forms of risk transfers, introduces alternative instruments as possible solution. The diploma also describes the principle multi financing system, which can be an effective solution in the reinsurance market.

Thesis shows progression of catastrophic events and their influence on insurance market. Insurance and reinsurance are connected to conception of catastrophes and therefore it is necessary that this thesis firstly presents key features and classification of notion catastrophe itself. For understanding of the notion is important to differentiate between nature and manmade disasters. Next part summarizes large-scale events in 2008, significant events in the past and disasters in Czech Republic. Catastrophic events are analyzed from various angles, but the most important one seems to be insured losses volume. The core of the thesis is concerned with explanation of the disaster trend and its consequences. Key problem of disaster insurance is connected to the question, how to cover catastrophic losses for both, individuals and insurance companies.

When society fails to effectively integrate natural and constructed environments, one of the cataclysmic byproducts of this disconnect is an increased risk of natural disasters. On top of the devastation that is the aftermath of such disasters, poor planning and engineering decisions have detrimental effects on communities as they attempt to recover and rebuild. While there is an inherent difficulty in the quantification of the cost of human life, interruption in business operations, and damage to the properties, it is critical to develop plans and mitigation strategies to promote fast recovery. Traditionally insurance and reinsurance products have been used as a mitigation strategy for financing post-disaster recovery. However, there are number of problems associated with these models such as lack of liquidity, defaults, long litigation process, etc. In light of these problems, new Alternative Risk Transfer (ART) methods are introduced. The pricing of these risk mitigating instruments, however, has been mostly associated with the hazard frequency and intensity; and little recognition is made of the riskiness of the structure to be indemnified. This study proposes valuation models for catastrophe-linked ART products and insurance contracts in which the risks and value can be linked to the characteristics of the insured portfolio of constructed assets. The results show that the supply side ? structural parameters are as important as the demand ? hazard frequency, and are in a highly nonlinear relationship with financial parameters such as risk premiums and spreads.

Submitted by Simone Arantes (sq.chaves@gmail.com) on 2017-01-03T21:30:04Z No. of bitstreams: 1 Dissertação_Simone_Quirino.pdf: 3765143 bytes, checksum: bb4a41aaff0508c321ce158dd143ee31 (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2017-01-04T14:47:21Z (GMT) No. of bitstreams: 1 Dissertação_Simone_Quirino.pdf: 3765143 bytes, checksum: bb4a41aaff0508c321ce158dd143ee31 (MD5) / Made available in DSpace on 2017-01-18T11:17:23Z (GMT). No. of bitstreams: 1 Dissertação_Simone_Quirino.pdf: 3765143 bytes, checksum: bb4a41aaff0508c321ce158dd143ee31 (MD5) Previous issue date: 2016-11-21 / This study aims to identify the financial instruments used to finance the catastrophic risk’s management existing in the Brazilian National Policy on Protection and Civil Defense (PNPDEC) and relevant additional legislation through comparison of such mechanisms with those adopted by other countries. For this, we considered four international examples of relevant financial strategies, represented by Mexico, Caribbean Countries, Turkey and France, which were analyzed based on their historical, social and economic context, on the causal variables that led governments to their enforcement and on the variables related to its implementation mechanisms. Later, the same variables were applied to the Brazilian case, wherewith identified the current state of national financing structure, and the possible obstacles and opportunities for their development. The results of this study indicate that Brazil uses almost exclusively regular budget transfers and extraordinary credits to promote actions related to prevention, response and disaster recovery having, accordingly, a financial protection structure at a significant disadvantage compared with the international examples. / Este estudo objetiva identificar os instrumentos financeiros utilizados para o financiamento da gestão de riscos catastróficos presentes na Política Nacional de Proteção e Defesa Civil (PNPDEC) brasileira e na legislação complementar pertinente, por meio da comparação de tais mecanismos com aqueles adotados por outros países. Para isso, foram considerados quatro exemplos internacionais de estratégias financeiras relevantes, representados por México, Países Caribenhos, Turquia e França, os quais foram analisados com base em seu contexto histórico, social e econômico, nas variáveis causais que levaram os governos à sua efetivação e nas variáveis relacionadas aos seus respectivos mecanismos de implementação. Posteriormente, as mesmas variáveis foram aplicadas ao caso brasileiro, por meio das quais foi identificado o atual estágio da estrutura de financiamento nacional, além de possíveis entraves e oportunidades ao seu desenvolvimento. Os resultados desse estudo indicam que o Brasil utiliza, de forma praticamente exclusiva, transferências orçamentárias regulares e créditos extraordinários para promoção das ações relacionadas à prevenção, resposta e recuperação de desastres dispondo, nesse sentido, de uma estrutura de proteção financeira consideravelmente defasada, quando comparada aos exemplos internacionais.