由於台灣為一海島型國家且位處於環太平洋地震帶上，受到菲律賓板塊及歐亞大陸板塊擠壓作用，再加上季風、緯度、地形等自然環境因素影響，係成為天然災害發生頻繁的地區，大地震及颱風洪水皆造成全國損失嚴重，因此國人對於巨災保險漸漸達到共識。保險屬於風險管理之一項重要工具，若能妥善規劃保險機制以分散災害風險，將可減輕政府與社會因地震及其他天然災害所帶來損失之沈重財政負擔。
然而早期有關於保險業的資產負債管理技術，主要應用於壽險部分，本文將動態財務分析的觀念引入，期望資產負債管理技術可以應用於產險上。本研究針對台灣住宅地震險共保組織作一概述，並建立屬於TREIP之動態財務分析模型，以模擬此共保風險分擔機制基金層未來財務趨勢，另外特別將再保險所發行的巨災債券及巨災風險評估模型作一詳細介紹。如能有效運用「風險移轉與理財」之工具，必能使災害發生後之救助與重建工作更有效率。

Since Taiwan is an island locates on a seismic belt of the Pacific Ocean, the extrusion of Philippine Plate and Eurasia Plate and the impact caused by the natural environment factors such as monsoon, latitude, terrain … etc. make it an area with frequently nature disaster; earthquake and the flood caused by the typhoon have severely damage property national wide, therefore, people gradually reach common consensus on catastrophe insurance.
Insurance is one of the important tool on risk management, if insurance mechanism can be well planed to separate damage caused by calamity, the financial burden of the government and the society caused by the earthquake and other nature disaster would be minimized.
However, the asset-liability management technology in the insurance business is mainly applied on the life insurance in the earlier period. This article will introduce the idea of the dynamic financial analysis and expect the asset-liability management technology can be applied on the property insurance.
This research is focus on Taiwan Residential Earthquake Insurance Pool (TREIP) and to make outline as well as to establish a dynamic financial analysis model belongs to TREIP. The model will simulate the future financial tendency of the risk share structure on the funding level, in addition, this research will have detail introduction on the cat bond distributed by the reinsurance and the catastrophe risk modeling.
If "the risk transfer and financing" tool can be utilized effectively, the reconstruction and support after disaster can be more efficient.

參考文獻
1. A. M. Best Company. (1991),“Best’s Insolvency Study - Property/Casualty Insurers 1969-1990, ”Best’s Review – Property/Casualty Insurers Editor, Auguest, pp.16-23.
2. Ahlgrim, K.C., D’Arcy, S.P., and Gorvett, R.W. (1999), “Parameterizing Interest Rate Models,” Casualty Actuarial Society Forum, Casualty Actuarial Society, pp.1-46.
3. Browne, J. Mark, James M. Carson, and Robert E. Hoyt. (1999),“Economic and Market Predictors of Insolvencies in the Life – Health Insurance Industry,“Journal of Risk and Insurance, Vol. 66, No. 4,pp.643-659.
4. Browne, J. Mark. and Robert E. Hoyt. (1995),“Economic and Market Predictors of Insolvencies in the Property – Liability Insurance Industry, Journal of Risk and Insurance, Vol. 62, No. 2,pp.309-327.
5. Casualty Actuarial Society Dynamic Financial Analysis Website, DFA Research Handbook.
6. Charles C. Emma, Chairman.(1999),“Overview of Dynamic Financial Analysis, ”the Dynamic Financial Analysis Committee, Casualty Actuarial Society
7. Cummins, J. D. (1992), “A Cash-Flow Simulation Approach to Risk-Based Capital Estimation in Property-Liability Insurance,” Alliance of AmericanInsurers.
8. Cummins, J. David, Martin F. Grace, and Richard D. Phillips. (1999),“Regulatory Solvency Prediction in Property – Liability Insurance: Risk – Based Capital, Audit Ratios, and Cash Flow Simulation,“Journal of Risk and Insurance, Vol. 66, No. 3, pp.417-458.
9. Cummins, J.D., Grace, M.F. and Phillips, R.D. (1999), “Regulatory Solvency Prediction in Property-Liability Insurance：Risk-Based Capital, Audit Ratios, and Cash flow Simulation,” Journal of Risk and Insurance, Vol. 66, pp.417-458.
10. D’Arcy, S.P., Gorvett, R.W., Herbers, J.A., and Hettinger, T.E. (1997),“Building a DFA Analysis is Model that Flies,” Contingencies Magazine, American Academy of Actuaries.
11. D’Arcy, S.P., Gorvett, R.W., Herbers, J.A., Hettinger, T.E., Lehmann, S.G., and Miller, M.J. (1997), “Building a Public Access PC-Based DFA Model,” Casualty Actuarial Society Forum, Vol. 2, pp.1-40.
12. D’Arcy, S.P., Gorvett, R.W., Hettinger, T.E., and Walling, R.J., Ⅲ,(1998), “Using the Public Access DFA Model: A Case Study,” Casualty Actuarial Society Forum, Casualty Actuarial Society, pp.53-118.
13. Kaufmann, R., Gadmer, A., and Klett, R. (2001), “Introduction to Dynamic Financial Analysis,” ASTIN Bulletin, Vol. 31, No.1, pp.213-249.
14. Mango, D.F., and Mulvey, J.M. (2000), “Capital Adequacy and Allocation Using Dynamic Financial Analysis,” Casualty Actuarial Society Forum, Summer 2000 Edition, Including the Dynamic Financial Analysis Call Papers, Casualty Actuarial Society, pp.55-75.
15. Roger Kaufmann, Anderas Gadmer, and Ralf Kiett. (2001), “Introduction to Dynamic Financial Analysis,” Astin Bulletin, Vol. 31, No. 1,pp.213-249.
16. Swiss Re Investor Inc. (2000), “Asset-Liability Management for Insurers,” Sigma, Vol. 2000, No. 6, pp.1-36.
17. 王基全(1995)，「產險公司最適風險基礎資本額現金流量模擬法之應用」，碩士論文，逢甲大學保險學研究所。
18. 吳佩如(1998)，「我國產物保險核保循環之研究」，碩士論文，逢甲大學保險學研究所。
19. 宋瑞林(2001),「風險基本基礎，情境分析及動態模擬破產預測模型之比較」，碩士論文，國立政治大學/風險管理與保險學系。
20. 周國端(1999)，「保險公司之清償能力與保險監理制度之介紹」，華信金融季刊，第五期，第87-114 頁。
21. 張文武(1999)，「保險業效率、承保週期及損失率之實證研究」，博士論文，國立中央大學財務管理研究所。
22. 賴志杰(2003)，「我國產險業資產負債管理技術之研究 ─ 以動態財務分析為例」，碩士論文，朝陽科技大學保險金融管理系。
23. 羅依雯(2002)，「以動態財務分析預測我國產險業清償能力」，碩士論文，逢甲大學保險學研究所。
24. 張森林、何振文(2002)，「蒙地卡羅模擬法在美式選擇權評價之應用」，中國財務學刊，第十卷，第三期，第33-61頁。
25. Guy Carpenter(2004)，「台灣地震保險制度之建立」，第36-60頁。