{"id":61174,"date":"2024-05-07T14:36:46","date_gmt":"2024-05-07T13:36:46","guid":{"rendered":"https:\/\/www.diaphanum.es\/sin-categoria\/bons-catastrofe-una-alternativa-dinversio-a-tenir-en-compte\/"},"modified":"2026-02-17T11:40:15","modified_gmt":"2026-02-17T10:40:15","slug":"bons-catastrofe-una-alternativa-dinversio-a-tenir-en-compte","status":"publish","type":"post","link":"https:\/\/www.diaphanum.es\/ca\/blog\/bons-catastrofe-una-alternativa-dinversio-a-tenir-en-compte\/","title":{"rendered":"Bons cat\u00e0strofe: una alternativa d&#8217;inversi\u00f3 a tenir en compte"},"content":{"rendered":"<p style=\"text-align: left;\"><span style=\"color: #137a89; font-size: 14px;\"><strong>Publicaci\u00f3<\/strong>: 15 abril 2024 &#8211;  <\/span><\/p>\n<p><strong>El mercat dels bons cat\u00e0strofe<\/strong> (Cat Bonds) va n\u00e9ixer en la d\u00e8cada de 1990 despr\u00e9s de dos incidents als Estats Units: l&#8217;hurac\u00e0 Andrew de 1992 a Miami i el terratr\u00e8mol de Northridge el 1994 a Los Angeles, que van causar un col\u00b7lapse gaireb\u00e9 total dels mercats de reassegurances a Florida i Calif\u00f2rnia, que no havien apreciat ni modelat la creixent concentraci\u00f3 de propietats en aquestes zones de r\u00e0pid creixement,  i l&#8217;alt risc en les d\u00e8cades anteriors, per la qual cosa estaven molt poc preparats per afrontar el cost dels desastres catastr\u00f2fics assegurats.<\/p>\n<h2>Qu\u00e8 s\u00f3n els bons cat\u00e0strofe?<\/h2>\n<p>Aquests productes <strong>s\u00f3n instruments financers dissenyats per transferir riscos relacionats amb cat\u00e0strofes naturals o esdeveniments espec\u00edfics als inversors del mercat de capitals<\/strong> amb els quals l&#8217; inversor es converteix en assegurador de cat\u00e0strofes naturals com huracans, terratr\u00e8mols o tsunamis, per protegir-se de p\u00e8rdues financeres significatives.<\/p>\n<p>A canvi d&#8217;assumir el risc, els inversors reben pagaments peri\u00f2dics d&#8217;interessos, similars als bons tradicionals, per\u00f2 si passa un esdeveniment catastr\u00f2fic especificat en el contracte, durant el termini del bo, els inversors poden perdre part o la totalitat de la seva inversi\u00f3 i <strong>aquests fons s&#8217;utilitzaran per compensar les p\u00e8rdues assegurades<\/strong>.<\/p>\n<h2>Els avantatges dels bons catastr\u00f2fics<\/h2>\n<p>Des d&#8217; un punt de vista inversor, els Cat Bonds presenten els avantatges seg\u00fcents enfront d&#8217; altres actius:<\/p>\n<ul>\n<li><strong>Diversificaci\u00f3 de la cartera:<\/strong> Ofereixen als inversors l&#8217;oportunitat de diversificar la seva cartera, ja que el seu rendiment no est\u00e0 correlacionat (0,25-0,30 contra renda variable o renda fixa) amb els moviments del mercat de valors o d&#8217;altres instruments financers tradicionals.<\/li>\n<li><strong>Retorns atractius:<\/strong> A m\u00e9s, ofereixen retorns atractius, ja que solen oferir rendiments m\u00e9s alts en comparaci\u00f3 amb altres bons de similar durada i qualificaci\u00f3 credit\u00edcia. En l&#8217;actualitat, aquests bons estan en retorns molt interessants amb els diferencials enfront de bons corporatius en m\u00e0xims hist\u00f2rics ja que la inflaci\u00f3 ha incrementat els costos de reconstrucci\u00f3, provocant un augment significatiu en les primes d&#8217;aquestes assegurances. <\/li>\n<li><strong>Protecci\u00f3 contra esdeveniments catastr\u00f2fics:<\/strong> No obstant aix\u00f2, els Cat Bonds tamb\u00e9 comporten el risc d&#8217;inc\u00f3rrer en p\u00e8rdues totals, si s&#8217;escau un esdeveniment catastr\u00f2fic durant el termini del bo. Un risc que es redueix significativament comprant a trav\u00e9s de fons que ofereixen una diversificaci\u00f3 adequada. A tall d&#8217;exemple, l&#8217;\u00edndex de Cat Bonds va tenir el seu pitjor comportament als huracans IAN i Katrina, on va caure aproximadament un 5-7%.  <\/li>\n<\/ul>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-59952\" src=\"https:\/\/www.diaphanum.es\/wp-content\/uploads\/las-ventajas-de-adquirir-bonos-catastroficos-en-tu-cartera-de-inversiones.jpg\" alt=\"els avantatges d'adquirir bons catastr\u00f2fics a la teva cartera d'inversions\" width=\"600\" height=\"600\" srcset=\"https:\/\/www.diaphanum.es\/wp-content\/uploads\/las-ventajas-de-adquirir-bonos-catastroficos-en-tu-cartera-de-inversiones.jpg 800w, https:\/\/www.diaphanum.es\/wp-content\/uploads\/las-ventajas-de-adquirir-bonos-catastroficos-en-tu-cartera-de-inversiones-300x300.jpg 300w, https:\/\/www.diaphanum.es\/wp-content\/uploads\/las-ventajas-de-adquirir-bonos-catastroficos-en-tu-cartera-de-inversiones-150x150.jpg 150w, https:\/\/www.diaphanum.es\/wp-content\/uploads\/las-ventajas-de-adquirir-bonos-catastroficos-en-tu-cartera-de-inversiones-768x768.jpg 768w, https:\/\/www.diaphanum.es\/wp-content\/uploads\/las-ventajas-de-adquirir-bonos-catastroficos-en-tu-cartera-de-inversiones-100x100.jpg 100w, https:\/\/www.diaphanum.es\/wp-content\/uploads\/las-ventajas-de-adquirir-bonos-catastroficos-en-tu-cartera-de-inversiones-140x140.jpg 140w, https:\/\/www.diaphanum.es\/wp-content\/uploads\/las-ventajas-de-adquirir-bonos-catastroficos-en-tu-cartera-de-inversiones-500x500.jpg 500w, https:\/\/www.diaphanum.es\/wp-content\/uploads\/las-ventajas-de-adquirir-bonos-catastroficos-en-tu-cartera-de-inversiones-350x350.jpg 350w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/strong><\/p>\n<p><strong>\u00c9s l\u00f2gic plantejar-se com afecta el canvi clim\u00e0tic a l&#8217;increment del nombre i for\u00e7a d&#8217;aquestes cat\u00e0strofes, per\u00f2 dependr\u00e0 molt del tipus de cat\u00e0strofe del qual parlem<\/strong>. No influir\u00e0 igual en incendis que en huracans o terratr\u00e8mols. El cert \u00e9s que els sistemes de seguiment i predicci\u00f3 s\u00f3n cada vegada m\u00e9s encertats, ajudant a reduir els danys produ\u00efts per aquestes cat\u00e0strofes. A m\u00e9s, aquests models serveixen per valorar i predir tamb\u00e9 els danys que es poden produir, donant una informaci\u00f3 m\u00e9s completa a l&#8217;inversor en aquests bons per valorar el binomi de rendibilitat\/risc de cadasc\u00fa.   <\/p>\n<h2>Innovaci\u00f3 a l&#8217;hora d&#8217;invertir<\/h2>\n<p><strong>Els Cat Bonds ofereixen una forma innovadora d&#8217;invertir<\/strong> que diversifica les inversions financeres m\u00e9s tradicionals i oferint un retorn atractiu. Abans eren nom\u00e9s accessibles a clients institucionals, per\u00f2 ara poden ser adquirits via fons en qualsevol de les plataformes de fons existents a Espanya. Per aix\u00f2 \u00e9s interessant fer una ullada a l&#8217;oferta existent, sempre tenint en compte que, abans d&#8217;invertir en aquests instruments, \u00e9s essencial entendre els riscos que impliquen, la liquiditat, com s&#8217;ajusten a la cartera d&#8217;inversions i fer-ne una avaluaci\u00f3 rigorosa.  <\/p>\n<p>De cara al futur cal esperar que, dins d&#8217;aquests fons, comencem a veure la cobertura d&#8217;altres riscos. El mercat que sembla m\u00e9s prometedor \u00e9s el d&#8217;assegurances de ciberseguretat, que ofereix avantatges importants com con\u00e8ixer en temps real com estan les defenses contra un atac, un mercat que pot ser molt gran i tenir una gran liquiditat. <\/p>\n<p>&nbsp;<\/p>\n<p><strong>Rafael Ciruelos G\u00f3mez del Valle<\/strong><br \/>\nDirector d&#8217; An\u00e0lisi i Producte d <a title=\"inversions d' actius l\u00edquids\" href=\"https:\/\/www.diaphanum.es\/ca\/serveis\/inversions-liquides\/\">&#8216; inversions l\u00edquides<\/a><\/p>\n[vc_row type=&#8221;full_width_background&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; bg_color=&#8221;#137a89&#8243; scene_position=&#8221;center&#8221; top_padding=&#8221;3%&#8221; bottom_padding=&#8221;3%&#8221; top_padding_tablet=&#8221;7%&#8221; bottom_padding_tablet=&#8221;7%&#8221; 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column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text css=&#8221;.vc_custom_1681287152965{padding-bottom: 1% !important;}&#8221;]<strong><span style=\"font-size: 1.7em; color: #ffffff;\">Necessita m\u00e9s informaci\u00f3?<\/span><\/strong><\/p>\n<div style=\"color: #ffffff; font-size: 16px; margin-top: -10px;\">Ompli el formulari i ens posarem en contacte amb vost\u00e8 per resoldre els seus dubtes.<\/div>\n[\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1681222143552{padding-right: 2% !important;padding-left: 0.5% !important;}&#8221;]<div class=\"wpforms-container wpforms-container-full formulario-blog\" id=\"wpforms-58800\"><form id=\"wpforms-form-58800\" class=\"wpforms-validate wpforms-form wpforms-ajax-form\" data-formid=\"58800\" method=\"post\" enctype=\"multipart\/form-data\" action=\"\/ca\/wp-json\/wp\/v2\/posts\/61174?doing_wp_cron=1781935853.2572000026702880859375\" data-token=\"b1d8dc169e1fb600cc1a3013418b1713\"><noscript class=\"wpforms-error-noscript\">Activeu el JavaScript al navegador per a poder completar el formulari.<\/noscript><div class=\"wpforms-field-container\"><div id=\"wpforms-58800-field_2-container\" class=\"wpforms-field wpforms-field-name\" data-field-id=\"2\"><label class=\"wpforms-field-label\" for=\"wpforms-58800-field_2\">Nombre <span class=\"wpforms-required-label\">*<\/span><\/label><input type=\"text\" id=\"wpforms-58800-field_2\" class=\"wpforms-field-medium wpforms-field-required\" name=\"wpforms[fields][2]\" required><\/div><div id=\"wpforms-58800-field_1-container\" class=\"wpforms-field wpforms-field-email\" data-field-id=\"1\"><label class=\"wpforms-field-label\" for=\"wpforms-58800-field_1\">Correo <span class=\"wpforms-required-label\">*<\/span><\/label><input type=\"email\" id=\"wpforms-58800-field_1\" class=\"wpforms-field-medium wpforms-field-required\" name=\"wpforms[fields][1]\" required><\/div><div id=\"wpforms-58800-field_3-container\" class=\"wpforms-field wpforms-field-textarea\" data-field-id=\"3\"><label class=\"wpforms-field-label\" for=\"wpforms-58800-field_3\">Mensaje <span class=\"wpforms-required-label\">*<\/span><\/label><textarea id=\"wpforms-58800-field_3\" class=\"wpforms-field-medium wpforms-field-required\" name=\"wpforms[fields][3]\" required><\/textarea><\/div><div id=\"wpforms-58800-field_5-container\" class=\"wpforms-field wpforms-field-checkbox\" data-field-id=\"5\"><label class=\"wpforms-field-label wpforms-label-hide\" for=\"wpforms-58800-field_5\">Casillas de verificaci\u00f3n <span class=\"wpforms-required-label\">*<\/span><\/label><ul id=\"wpforms-58800-field_5\" class=\"wpforms-field-required\"><li class=\"choice-1 depth-1\"><input type=\"checkbox\" id=\"wpforms-58800-field_5_1\" name=\"wpforms[fields][5][]\" value=\"Aceptar la pol\u00edtica de privacidad\" required ><label class=\"wpforms-field-label-inline\" for=\"wpforms-58800-field_5_1\">Aceptar la pol\u00edtica de privacidad<\/label><\/li><\/ul><div class=\"wpforms-field-description\">Para m\u00e1s informaci\u00f3n: <a href=\"https:\/\/www.diaphanum.es\/politica-de-privacidad\/\"  target=\"_blank\">pol\u00edticas de privacidad<\/a> <\/div><\/div><\/div><div class=\"wpforms-submit-container\" ><input type=\"hidden\" name=\"wpforms[id]\" value=\"58800\"><input type=\"hidden\" name=\"wpforms[author]\" value=\"7\"><button type=\"submit\" name=\"wpforms[submit]\" class=\"wpforms-submit boton-formulario-contacto-evercom\" id=\"wpforms-submit-58800\" value=\"wpforms-submit\" aria-live=\"assertive\" data-alt-text=\"Enviando...\" data-submit-text=\"Enviar\">Enviar<\/button><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.diaphanum.es\/wp-content\/plugins\/wpforms\/assets\/images\/submit-spin.svg\" class=\"wpforms-submit-spinner\" style=\"display: none;\" width=\"26\" height=\"26\" alt=\"\"><\/div><\/form><\/div>  <!-- .wpforms-container -->[\/vc_column_text][\/vc_column][\/vc_row]\n[vc_row type=&#8221;in_container&#8221; 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