九二一大地震造成台灣百年來最嚴重的地震災害，使得政府與人民開始意識到地震保險的重要性，因此財政部擬規劃一個較完善的地震保險制度，讓國人的基本生活得以獲得一定的保障。目前國人投保地震險比率偏低，以及國內產險業者承保意願普遍不高，因此在財政部的規劃方案中，應能有效地解決此問題為宜。
本文首先探巨災保險市場的諸多問題，例如保險市場承保能量不足、再保險價格之不穩定等等，因此有許多學者建議引進資本市場，利用其龐大資金以及其效率性，以解決移轉巨災風險的問題。
在政府的規劃方案中，發行巨災債券是一個可行的方法之一。因此本文主要在探討以發行巨災債券的方式，彌補傳統再保險承保能量之不足，透過資本市場的介入，將巨災風險移轉給投資人。對投資者而言，購買巨災債券亦可以降低投資組合的風險，因此巨災債券逐漸受到投資者的青睞。在巨災債券的評價方面，Cox and Pedersen (1997)提出巨災債券均衡訂價模型，而吾人則根據其評價原理，並假設損失指數之隨機過程為Jump-Diffusion Process，得以估算出巨災債券的價格。

中文部份
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英文部分
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