事業継続のためのリスクファイナンス手法の提案

概要

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Securing immediate funding for business recovery is indispensable for minimizing economic damage by sudden disasters. The Japanese Government recently issued a set of business continuity & disaster preparedness guidelines where it calls for businesses to plan for quick resumption of operations. There are some existing methods for risk financing, for example, earthquake insurance and alternative risk transfer (hereinafter called ART). However, there is still room for better risk financing methods to be developed. In this paper, the pros and cons of existing risk financing methods are examined. A new method is proposed, combining features of earthquake insurance and parametric triggered ART with focus on minimizing basis risk. A model portfolio of 10 building assets in Tokyo Metropolitan area was applied in analyzing the performance of this method. Through the application, the following findings were obtained; this method allows sufficient risk transfer as provided by earthquake insurance and also enables immediate funding, compared to existing ART methods this method enables lowering the cost by risk takers, hence, this method is attractive for both the recipient and the risk takers and has good possibility to be a new tool for risk financing.
2006-09-30