Cat Bonds
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The Challenges Of Catastrophe Risk Management Empirical Analyses In The Cat Bond Market
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Author : Tobias Götze
language : en
Publisher: Cuvillier Verlag
Release Date : 2021-03-22
The Challenges Of Catastrophe Risk Management Empirical Analyses In The Cat Bond Market written by Tobias Götze and has been published by Cuvillier Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-22 with Business & Economics categories.
Due to the increasing relevance of natural catastrophes as a significant global source of risk and the capacity constraints in primary insurance and reinsurance markets, CAT bonds have become an important instrument to manage catastrophe risks by transferring them to the capital market. In three empirical studies, this dissertation examines the challenges related to catastrophe risk management with CAT bonds. First, the factors that influence the substitution of traditional reinsurance by CAT bonds are identified. These factors consist of the insured risk layer and the extends of reinsurer default risk, basis risk, and asymmetric information. Second, the accessibility of the CAT bond market for (re)insurance companies is analyzed and the results exhibit the existence of barriers to market entry in the form of higher premiums being paid by less reputable and financially weaker CAT bond sponsors. The third empirical study shows that CAT bond sponsors are susceptible to moral hazard, but also that moral hazard can be successfully prevented by sufficient loss retention or by the use of non-indemnity CAT bonds. Altogether, this dissertation contributes to improving the understanding of the CAT bond market and the challenges of catastrophe risk management using CAT bonds.
Cat Bonds
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Author : Florian Steiger
language : en
Publisher: Independently Published
Release Date : 2020-11-30
Cat Bonds written by Florian Steiger and has been published by Independently Published this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-30 with categories.
Investors across the globe are struggling to generate returns in a world of sub-zero interest rates. Macroeconomic events have the potential to shock financial markets from equities to corporate or government bonds alike. The traditional methods of portfolio diversification are failing in a world characterized by unprecedented liquidity injections from central banks. Cat bonds offer a viable alternative: Their performance is linked to the occurrence of natural catastrophes, such as hurricanes or earthquakes, instead of corporate profits or stock market sentiment. Family offices and leading institutional investors are shifting billions of assets into these little-known instruments thus effectively becoming competitors to the traditional providers of reinsurance coverage. With steady returns of more than 7% per annum over the past twenty years, cat bonds have proven their resilience many times. This book takes the reader through the history of the asset class, outlines the basic structure and economics before demonstrating the benefit of adding a cat bond allocation to a traditional multi-asset portfolio.
The Development Dimension Fostering Catastrophe Bond Markets In Asia And The Pacific
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2024-02-14
The Development Dimension Fostering Catastrophe Bond Markets In Asia And The Pacific written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-14 with categories.
This report explores each of these conditions along with policy suggestions for fostering them, and discusses the development of multi-country CAT bonds in Asia and the Pacific.
Catastrophe Bonds Spreading Risk
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Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
language : en
Publisher:
Release Date : 2002
Catastrophe Bonds Spreading Risk written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Catastrophe bonds categories.
Catastrophe Risk
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Author : Jayshree Bose
language : en
Publisher:
Release Date : 2006
Catastrophe Risk written by Jayshree Bose and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Disaster insurance categories.
A sequel to the earlier book Catastrophe Insurance: Issues and Challenges, this book focuses on the latest trends in risk transfer and risk estimation in catastrophe insurance. Risk transfer has assumed a lot of importance to the insurance business ever s
Securitization Of Catastrophe Risk
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Author : Christine Winkelvos
language : de
Publisher: Cuvillier Verlag
Release Date : 2013-01-02
Securitization Of Catastrophe Risk written by Christine Winkelvos and has been published by Cuvillier Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-02 with Business & Economics categories.
Die Verbriefung von Katastrophenrisiken erfolgt vorwiegend über CAT Bonds. Diese transferieren das Katastrophenrisiko von den Versicherungsmärkten auf die Finanzmärkte und führen somit zu einer Kapazitätserweiterung des Versicherungsmarktes. Für die Übernahme des Katastrophenrisikos fordern die Investoren eine Risikoprämie, die den Preis des CAT Bonds bestimmt. Ziel der vorliegenden Dissertation ist die empirische Untersuchung dieser Prämien. Zunächst wird das beste Modell zur Vorhersage von CAT Bond Prämien identifiziert. Nachdem das beste Modell identifiziert wurde, besteht ein weiteres Ziel darin, dieses Modell detailliert zu untersuchen, indem theoretische Hypothesen aus der Literatur hinsichtlich potenzieller Einflussfaktoren empirisch überprüft werden. Darüber hinaus wird untersucht, wie sich die Prämien im Katastrophenfall verhalten.
Insurance Securitization Mit Katastrophenbonds
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Author : Mei Zhu
language : de
Publisher: VVW GmbH
Release Date : 2009
Insurance Securitization Mit Katastrophenbonds written by Mei Zhu and has been published by VVW GmbH this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Das Buch beleuchtet die vielfältigen Aspekte von Katastrophenbonds (sog. Cat Bonds) einschließlich der Gestaltung, der Marktreifmachung, der bilanziellen Behandlung sowie der aufsichtsrechtlichen Würdigung. Insbesondere die tiefgehenden Untersuchungen über den Einfluss von Cat Bonds auf das ökonomische Zielkapital und darauf aufbauend auf die wertorientierte Unternehmenssteuerung repräsentieren ein völlig neues Wissenschaftsgebiet. Insofern kann die von Dr. Mei Zhu hervorragend strukturierte Ausarbeitung einerseits als ein geschlossenes Grundlagenwerk über die Verbriefung von Katastrophenrisiken angesehen werden, das einen sehr aktuellen Praxisbezug hat. Auf der anderen Seite leistet dieses Buch einen ausgesprochen wichtigen Beitrag zur quantitativen Analyse des wertorientierten Risikotransfermanagements. Die Autorin: Dr. Mei Zhu studierte Betriebswirtschaft und Germanistik an der Tongji-Universität in Shanghai. Nach ihrer Promotion an der Universität Leipzig, die sie mit summa cum laude abschloss, war sie zuerst Beraterin für Risikomodellierung und Risikomanagement bei KPMG. Derzeit ist sie bei der Münchener Rückversicherungsgesellschaft tätig.
Catastrophe Risk Financing In Developing Countries
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Author : J. David Cummins
language : en
Publisher: World Bank Publications
Release Date : 2009
Catastrophe Risk Financing In Developing Countries written by J. David Cummins and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Political Science categories.
'Catastrophe Risk Financing in Developing Countries' provides a detailed analysis of the imperfections and inefficiencies that impede the emergence of competitive catastrophe risk markets in developing countries. The book demonstrates how donors and international financial institutions can assist governments in middle- and low-income countries in promoting effective and affordable catastrophe risk financing solutions. The authors present guiding principles on how and when governments, with assistance from donors and international financial institutions, should intervene in catastrophe insurance markets. They also identify key activities to be undertaken by donors and institutions that would allow middle- and low-income countries to develop competitive and cost-effective catastrophe risk financing strategies at both the macro (government) and micro (household) levels. These principles and activities are expected to inform good practices and ensure desirable results in catastrophe insurance projects. 'Catastrophe Risk Financing in Developing Countries' offers valuable advice and guidelines to policy makers and insurance practitioners involved in the development of catastrophe insurance programs in developing countries.
The Financing Of Catastrophe Risk
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Author : Kenneth A. Froot
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
The Financing Of Catastrophe Risk written by Kenneth A. Froot and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Business & Economics categories.
Is it possible that the insurance and reinsurance industries cannot handle a major catastrophe? Ten years ago, the notion that the overall cost of a single catastrophic event might exceed $10 billion was unthinkable. With ever increasing property-casualty risks and unabated growth in hazard-prone areas, insurers and reinsurers now envision the possibility of disaster losses of $50 to $100 billion in the United States. Against this backdrop, the capitalization of the insurance and reinsurance industries has become a crucial concern. While it remains unlikely that a single event might entirely bankrupt these industries, a big catastrophe could place firms under severe stress, jeopardizing both policy holders and investors and causing profound ripple effects throughout the U.S. economy. The Financing of Catastrophe Risk assembles an impressive roster of experts from academia and industry to explore the disturbing yet realistic assumption that a large catastrophic event is inevitable. The essays offer tangible means of both reassessing and raising the level of preparedness throughout the insurance and reinsurance industries.
Policy Issues In Insurance Risk Awareness Capital Markets And Catastrophic Risks
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2011-08-12
Policy Issues In Insurance Risk Awareness Capital Markets And Catastrophic Risks written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-12 with categories.
Includes reports on initiatives to promote natural hazard awareness and disaster risk reduction education, the role of financial markets in financial mitigation of large-scale risks, mechanisms used to quantify catastrophe losses, and hazard risk mapping efforts in Southeast Asian countries.