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Catastrophe Bonds As Reinsurance


Catastrophe Bonds As Reinsurance
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The Challenges Of Catastrophe Risk Management Empirical Analyses In The Cat Bond Market


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.



Catastrophe Bonds As Reinsurance


Catastrophe Bonds As Reinsurance
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Author : Rumbidzai M. Masamvu
language : en
Publisher:
Release Date : 2013

Catastrophe Bonds As Reinsurance written by Rumbidzai M. Masamvu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Disaster insurance categories.




Catastrophe Bonds And Reinsurance


Catastrophe Bonds And Reinsurance
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Author : Silke N. Finken
language : en
Publisher:
Release Date : 2009

Catastrophe Bonds And Reinsurance written by Silke N. Finken and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.


We identify a new benefit of index or parametric triggers. Asymmetric information between reinsurers on an insurer's risk affects competition in the reinsurance market: reinsurers are subject to adverse selection, since only high-risk insurers may find it optimal to change reinsurers. The result is high reinsurance premiums and cross-subsidization of high-risk insurers by low-risk insurers. A contract with a parametric or index trigger (such as a catastrophe bond) is insensitive to information asymmetry and therefore alters the equilibrium in the reinsurance market. Provided that basis risk is not too high, the introduction of contracts with parametric or index triggers provides low-risk insurers with an alternative to reinsurance contracts, and therefore leads to less cross-subsidization in the reinsurance market.



Catastrophe Bonds Spreading Risk


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.




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.



Catastrophe Risk And Reinsurance


Catastrophe Risk And Reinsurance
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Author : Eugene N. Gurenko
language : en
Publisher: World Bank Publications
Release Date : 2004

Catastrophe Risk And Reinsurance written by Eugene N. Gurenko 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 2004 with Banks and Banking Reform categories.


Including the latest invaluable insights into catastrophe reinsurance, this book provides you with a wealth of risk management expertise gained from many of the largest catastrophe risk transfer programmes worldwide.



The Handbook Of Insurance Linked Securities


The Handbook Of Insurance Linked Securities
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Author : Pauline Barrieu
language : en
Publisher: John Wiley & Sons
Release Date : 2010-06-15

The Handbook Of Insurance Linked Securities written by Pauline Barrieu and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-15 with Business & Economics categories.


"Luca Albertini and Pauline Barrieu are to be congratulated on this volume. Written in a period where structured projects in finance are having a difficult time, it is worthwhile to return to the cradle of securitisation: insurance. Spread out over three parts (life, non- life, and tax and regulatory issues) the 26 chapters, written mainly by practitioners, give an excellent overview of this challenging field of modern insurance. Methodology and examples nicely go hand in hand. The overall slant being towards actual analyses of concrete products. No doubt this book will become a milestone going forward for actuarial students, researchers, regulators and practitioners alike." —Paul Embrechts, Professor of Mathematics and Director of RiskLab, ETH Zurich The convergence of insurance with the capital markets has opened up an alternative channel for insurers to transfer risk, raise capital and optimize their regulatory reserves as well as offering institutions a source of relatively liquid investment with limited correlation with other exposures. One of the financial instruments allowing for the cession of insurance-related risks to the capital markets is Insurance-Linked Securities (ILS). This book provides hands-on information essential for market participants, drawing on the insights and expertise of an impressive team of international market players, representing the various aspects and perspectives of this growing sector. The book presents the state of the art in Insurance-Linked Securitization, by exploring the various roles for the different parties involved in the transactions, the motivation for the transaction sponsors, the potential inherent pitfalls, the latest developments and transaction structures and the key challenges faced by the market. The book is organized into parts, each covering a specific topic or sector of the market. After a general overview of the ILS market, the Insurance-Linked Securitization process is studied in detail. A distinction is made between non-life and life securitization, due to the specificities of each sector. The process and all the actors involved are identified and considered in a comprehensive and systematic way. The concepts are first looked at in a general way, before the analysis of relevant case studies where the ILS technology is applied. Particular focus is given to: the key stages in both non-life and life securitizations, including the general features of the transactions, the cedant's perspectives, the legal issues, the rating methodologies, the choice of an appropriate trigger and the risk modeling, the particular challenges related to longevity securitization, the investor's perspective and the question of the management of a portfolio of ILS, the general issues related to insurance-linked securitization, such as accounting and tax issues, regulatory issues and solvency capital requirements. The book is accompanied by a website www.wiley.com/go/albertini_barrieu_ILS which will feature updates and additions to the various contributions to follow market developments.



Catastrophe Bonds Reinsurance And The Optimal Collateralization Of Risk Transfer


Catastrophe Bonds Reinsurance And The Optimal Collateralization Of Risk Transfer
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Author : Darius Lakdawalla
language : en
Publisher:
Release Date : 2006

Catastrophe Bonds Reinsurance And The Optimal Collateralization Of Risk Transfer written by Darius Lakdawalla and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Reinsurance categories.


Catastrophe bonds feature full collateralization of the underlying risk transfer, and thus abandon the insurance principle of economizing on collateral through diversification. We examine the theoretical foundations beneath this paradox, finding that fully collateralized instruments have important uses in a risk transfer market when insurers cannot contract completely over the division of assets in the event of insolvency, and, more generally, cannot write contracts with a full menu of state-contingent payments. In this environment, insureds have different levels of exposure to an insurer's default. When contracting constraints limit the insurer's ability to smooth out such differences, catastrophe bonds can be used to deliver coverage to those most exposed to default. We demonstrate how catastrophe bonds can improve welfare in this way by mitigating differences in default exposure, which arise with: (1) contractual incompleteness, and (2) heterogeneity among insureds, which undermines the efficiency of the mechanical pro rata division of assets that takes place in the event of insurer insolvency.



Reinsurance Or Cat Bond How To Optimally Combine Both


Reinsurance Or Cat Bond How To Optimally Combine Both
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Author : Denis-Alexandre Trottier
language : en
Publisher:
Release Date : 2019

Reinsurance Or Cat Bond How To Optimally Combine Both written by Denis-Alexandre Trottier and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.


We study how traditional reinsurance and CAT bonds can be combined to build an optimal catastrophe insurance programme. We develop a contingent claims model to investigate the imperfections and limitations of the reinsurance market stemming from financial distress costs and default risk. We find that the pricing markup and credit risk will typically be larger for reinsurance contracts that cover the higher and less probable layers of losses. We show that the optimal hedging strategy is to cover small losses using reinsurance and hedge higher losses by issuing a CAT bond. Our results demonstrate that this strategy significantly lowers the insurer's cost of protection, expands his underwriting capacity and yields higher shareholder values.



Catastrophe Risk Management


Catastrophe Risk Management
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Author : John D. Pollner
language : en
Publisher: World Bank Publications
Release Date : 2001

Catastrophe Risk Management written by John D. Pollner 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 2001 with Disaster insurance categories.


In providing support for disaster-prone areas such as the Caribbean, the development community has begun to progress from disaster reconstruction assistance to funding for investment in mitigation as an explicit tool for sustainable development. Now it must enter a new phase, applying risk transfer mechanisms to address the financial risk of exposure to catastrophic events that require funding beyond what can be controlled solely through mitigation and physical measures.