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Insurance Securitization Electronic Resource Catastrophic Event Exposure And The Role Of Insurance Linked Securities In Addressing Risk
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Book Synopsis Insurance Securitization [electronic Resource] : Catastrophic Event Exposure and the Role of Insurance Linked Securities in Addressing Risk by : Kovacs, Paul J. E
Download or read book Insurance Securitization [electronic Resource] : Catastrophic Event Exposure and the Role of Insurance Linked Securities in Addressing Risk written by Kovacs, Paul J. E and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations Publisher : ISBN 13 : Total Pages :296 pages Book Rating :4.F/5 ( download)
Book Synopsis Catastrophe Bonds, Spreading Risk by : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
Download or read book Catastrophe Bonds, Spreading Risk written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations and published by . This book was released on 2002 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Catastrophe insurance risks the role of risklinked securities and factors affecting their use. by :
Download or read book Catastrophe insurance risks the role of risklinked securities and factors affecting their use. written by and published by DIANE Publishing. This book was released on 2002 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Catastrophe Risk Management by : John D. Pollner
Download or read book Catastrophe Risk Management written by John D. Pollner and published by World Bank Publications. This book was released on 2001 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Risk Implications of Insurance Securitization by : Bjoern Hagendorff
Download or read book The Risk Implications of Insurance Securitization written by Bjoern Hagendorff and published by . This book was released on 2014 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Catastrophe (Cat) bonds are insurance securitization vehicles which are supposed to transfer catastrophe-related underwriting risk from issuers to capital markets. This paper addresses key, unanswered questions concerning Cat bonds and offers the following results. First, our findings show firms that issue Cat bonds exhibit less risky underwriting portfolios with less exposure to catastrophe risks and overall less need to hedge catastrophe risk. These results show that the access to the market for insurance securitization is easiest for firms with less risky portfolios. Second, firms that issue Cat bonds are found to experience a reduction in their default risk relative to non-issuing firms and our results, therefore, demonstrate that Cat bonds provide effective catastrophe hedging for issuing firms. Third, firms with less catastrophe exposure, increase their catastrophe exposure following an issue. Therefore, our paper cautions that the ability to hedge catastrophe risk causes some firms to seek additional catastrophe risk.
Book Synopsis Policy Issues in Insurance Risk Awareness, Capital Markets and Catastrophic Risks by : OECD
Download or read book Policy Issues in Insurance Risk Awareness, Capital Markets and Catastrophic Risks written by OECD and published by OECD Publishing. This book was released on 2011-08-12 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Natural Catastrophes and Insurance Securitization by : Bjoern Hagendorff
Download or read book Natural Catastrophes and Insurance Securitization written by Bjoern Hagendorff and published by . This book was released on 2012 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insurance and reinsurance firms have seen a remarkable increase in underwriting losses associated with natural catastrophes during the past decade. Yet, the volume of global risk-financing capacity of catastrophe events has remained limited to date. This raises concerns over the effect of insolvencies and disruptions in insurance and reinsurance markets in the event of a severe natural catastrophe. Insurance securitization has long been hailed as an important tool to increase the underwriting capacity of firms exposed to catastrophe risk. Surprisingly, however, global volumes of insurance securitization have remained low to date. The thesis provides the first comprehensive analysis of the expected losses to U.S. insurers (as reflected in stock market returns) linked to a series of large natural catastrophes. The results show that, overall, the expected performance implications of mega-catastrophes are by no means devastating for insurers as the sample of natural catastrophes causes only relatively modest value losses for firms with catastrophe exposure. The thesis also provides the first empirical investigation into both the performance effects and the risk effects for insurance and reinsurance firms which engage in insurance securitization by issuing catastrophe bonds. The results show that insurance securitization provides issuers with potential cost advantages (compared to other forms of catastrophe risk management) and that insurance securitization is an effective tool for hedging catastrophe risk. In sum, while the relatively modest performance effects of natural catastrophes on insurance firms put a ceiling on the potential benefits of insurance securitization to firms exposed to catastrophe risk, the thesis shows that catastrophe bonds have some benefits for their issuers. Therefore, this thesis argues that insurance securitization is less valuable as a tool for capacity building in the market for catastrophe underwriting and more useful as a tool to realize cost efficacies and hedging benefits for insurance and reinsurance firms.
Book Synopsis Catastrophe Risk and Reinsurance by : Eugene N. Gurenko
Download or read book Catastrophe Risk and Reinsurance written by Eugene N. Gurenko and published by World Bank Publications. This book was released on 2004 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author :Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Publisher :DIANE Publishing ISBN 13 :142893927X Total Pages :77 pages Book Rating :4.4/5 (289 download)
Book Synopsis Catastrophe insurance risks status of efforts to securitize natural catastrophe and terrorism risk. by : Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Download or read book Catastrophe insurance risks status of efforts to securitize natural catastrophe and terrorism risk. written by Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by DIANE Publishing. This book was released on 2003 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Risk Warehousing Within Insurance Firms and the Role of Securitization by : Johann Jurie Strydom
Download or read book Risk Warehousing Within Insurance Firms and the Role of Securitization written by Johann Jurie Strydom and published by . This book was released on 2011 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insurance firms perform two key economic functions. First, they intermediate risk by marketing, selling and administering insurance policies. Second, they warehouse the risks underlying those policies. If viewed as separate businesses, intermediation and warehousing have very different risk profiles and characteristics. While intermediation is a function essential to the firm's role, the warehousing of those risks is mostly optional. It involves deciding to retain risks for the insurance firm's account rather than hedge the risk and thereby pass it on to a third party. The decision to retain or hedge risks is critical to a firm's financial outcomes. Insurance risks include underwriting factors like longevity, mortality and exposure to natural disasters. They also include economic factors like interest rates, currencies, counter-party default and equity markets. The consensus in the academic theory is that since insurance firms face significant frictional costs in raising capital, value-maximising firms will hedge all risks where the spread costs of the hedging instrument are low. This would seem to include most or all economic risks. As for underwriting risks, where hedging spreads are high, the decision will be a trade-off The firm will weigh up the reduced Risk-Bearing Costs offered by the hedging counter-party versus the Risk Transfer Costs incurred in these transactions. In practice it seems many firms hedge less than might be expected, retaining more economic and underwriting risk than may be explained by the theory. Factors which may be driving a bias towards risk are briefly explored, including regulatory drivers and an expectation of beating the market. Insurance-linked securitization offers benefits as a means of hedging risk and enhancing shareholder value through reduced Risk-Bearing Costs, although it faces informational problems that increase Risk Transfer Costs. Catastrophe Risk Bonds appear to have achieved a critical mass on the back of some historical capital shortages in the reinsurance industry. The life insurance securitization market could be poised for growth, but based on the history of Catastrophe Risk Bonds it may also require capital shortages in the life industry as a catalyst. Regulatory capital requirements will play a pivotal role in this regard.
Book Synopsis Catastrophe Risk Financing in Developing Countries by : J. David Cummins
Download or read book Catastrophe Risk Financing in Developing Countries written by J. David Cummins and published by World Bank Publications. This book was released on 2009 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: '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.
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781985006522 Total Pages :64 pages Book Rating :4.0/5 (65 download)
Book Synopsis Catastrophe Insurance Risks by : United States Government Accountability Office
Download or read book Catastrophe Insurance Risks written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-02-05 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Catastrophe Insurance Risks: The Role of Risk-Linked Securities and Factors Affecting Their Use
Download or read book Catastrophe Insurance Risks written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Catastrophe Insurance Risks by : United States. General Accounting Office
Download or read book Catastrophe Insurance Risks written by United States. General Accounting Office and published by . This book was released on 2002 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Securitization of Catastrophe Risk by : Christine Winkelvos
Download or read book Securitization of Catastrophe Risk written by Christine Winkelvos and published by Cuvillier Verlag. This book was released on 2013-01-02 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Catastrophe Insurance Risks The Role of Risk-Linked Securities by :
Download or read book Catastrophe Insurance Risks The Role of Risk-Linked Securities written by and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Securitized Insurance Risk by : Michael Himick
Download or read book Securitized Insurance Risk written by Michael Himick and published by Routledge. This book was released on 1998 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 1999. Routledge is an imprint of Taylor & Francis, an informa company.
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