近年来 ,巨灾的频繁发生给保险公司尤其是再保险公司带来了沉重的压力 ,整个保险业面临着承保能力不足的风险。而资本市场相对而言有着更大的容量。将保险风险置于资本市场分散就形成了保险衍生工具。现存保险衍生工具主要是灾害期权、灾害期货、巨灾债券、风险证券等。由于我国资本市场的局限性和衍生工具的风险性 ,保险衍生工具在我国的应用还有待于进一步探讨。 In recent years, the frequent occurrence of catastrophe has brought heavy pressure to insurers, especially reinsurers, and the entire insurance industry is at risk of undercapacity. The capital market, in contrast, has a larger capacity. Placing insurance risks in the capital markets is a form of insurance derivatives. Existing insurance derivatives are mainly disaster options, catastrophe futures, catastrophe bonds, risk securities and so on. Due to the limitation of our capital market and the risk of derivatives, the application of insurance derivatives in our country needs to be further explored.