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Catastrophe Bonds Spreading Risk

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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 Bonds Spreading Risk

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Author : United States. Congress
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2018-01-09

Catastrophe Bonds Spreading Risk written by United States. Congress and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-09 with categories.

Catastrophe bonds, spreading risk : hearing before the Subcommittee on Oversight and Investigations of the Committee on Financial Services, U.S. House of Representatives, One Hundred Seventh Congress, second session, October 8, 2002.

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

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Author : United States Congress House of Represen
language : en
Publisher:
Release Date : 2015-02-14

Catastrophe Bonds written by United States Congress House of Represen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-14 with categories.

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Catastrophe Bonds Spreading Risk Hearing Serial No 107 86 Committee On Financial Services U S House Of Representatives 107th Congress 2nd Session

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Author :
language : en
Publisher:
Release Date : 2003*

Catastrophe Bonds Spreading Risk Hearing Serial No 107 86 Committee On Financial Services U S House Of Representatives 107th Congress 2nd Session written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003* with categories.

Determinants Of The Cat Bond Issuance Spread

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Author : Nico Gysi
language : en
Publisher:
Release Date : 2011

Determinants Of The Cat Bond Issuance Spread written by Nico Gysi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

Since the insurance industry was struck by unprecedented high insurance losses caused by natural catastrophes in the early 1990s, the risk perspective of insurance and reinsurance companies regarding the handling of natural disaster risk has changed completely. The industry's ultimate desire to transfer a share of its risk to the capital markets has led to a continuous convergence of insurance and financial markets over the last two decades and the creation of a new asset class: insurance-linked securities. Catastrophe bonds have developed into the most successful instruments to help insurers and reinsurers to control their exposure to natural disaster risk and provided attractive investment options for investors. This paper provides an overview of the cat bond market's evolution, its current role and growth potential within the reinsurance market as well as a recap of previously conducted cat bond studies. The paper's focus is set on the analysis of the cat bond spread's determinants at the time of issuance. The analysis is based on a data sample of more than 300 cat bond transactions between 1997 and 2010 and was conducted using several multiple regression models, which identified the following factors as the key drivers of the cat bond issuance spread: expected loss, trigger structure, bond rating, peril type and the state of the underwriting cycle. The expected loss has the greatest impact on the spread level, with a spread to expected loss multiple of slightly over two. In contrast to findings of previous studies, indemnity trigger structures do not reward investors with higher premium spreads. Instead, the presence of an indemnity trigger structure decreases the cat bond spread by 62 bps. Ratings affect the spread level as expected. The higher the rating is, the lower is the cat bond spread. With regard to the different perils covered by cat bonds, the findings indicate that the spread level is highly sensitive to the cover.

Catastrophe Bonds Spreading Risk

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Author :
language : en
Publisher:
Release Date : 2002

Catastrophe Bonds Spreading Risk written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.

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

Cat Bonds And Other Risk Linked Securities

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Author : J David Cummins
language : en
Publisher:
Release Date : 2014

Cat Bonds And Other Risk Linked Securities written by J David Cummins and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

This paper reviews the current status of the market for catastrophic risk (CAT) bonds and other risk-linked securities. CAT bonds and other risk-linked securities are innovative financial vehicles that have an important role to play in financing mega-catastrophes and other types of losses. The vehicles are especially important because they access capital markets directly, exponentially expanding risk-bearing capacity beyond the limited capital held by insurers and reinsurers. The CAT bond market has been growing steadily, with record amounts of risk capital raised in 2005, 2006, and 2007. CAT bond premia relative to expected losses covered by the bonds have declined by more than one-third since 2001. CAT bonds now appear to be priced competitively with conventional catastrophe reinsurance and comparably rated corporate bonds. CAT bonds have grown to the extent that they now play a major role in completing the market for catastrophic risk finance and are spreading to other lines such as automobile insurance, life insurance, and annuities. CAT bonds are not expected to replace reinsurance but to complement the reinsurance market by providing additional risk-bearing capacity. Other innovative financing mechanisms such as risk swaps, industry loss warranties, and sidecars also are expected to continue to play an important role in financing catastrophic risk.

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 Bonds Spreading Risk

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