Natural Catastrophes And Insurance Securitization

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Natural Catastrophes and Insurance Securitization

Author : Bjoern Hagendorff
Publisher :
ISBN 13 :
Total Pages : 414 pages
Book Rating : 4.:/5 (827 download)

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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.

Natural Catastrophes and Insurance Securitization

Author : Bjoern Hagendorff
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (118 download)

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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 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Catastrophe insurance risks status of efforts to securitize natural catastrophe and terrorism risk.

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)

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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:

Catastrophe insurance risks the role of risklinked securities and factors affecting their use.

Author :
Publisher : DIANE Publishing
ISBN 13 : 1428944052
Total Pages : 63 pages
Book Rating : 4.4/5 (289 download)

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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:

Securitized Insurance Risk

Author : Michael Himick
Publisher : Routledge
ISBN 13 : 1135916659
Total Pages : 174 pages
Book Rating : 4.1/5 (359 download)

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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 2020-09-29 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securitized Insurance Risk is one of the first books to focus exclusively on the convergence of the insurance and financial markets in risk management and the emergence of insurance risk as a non-correlated asset class. Written for insurers and investors alike, this book explores the opportunities available to forward-looking risk and investment managers. Chapters by prominent experts specifically address: the win-win principle behind securitizing insurance risk; current structures, including catastrophe bonds, structured notes, catastrophe options, and swaps; partnering financial market tools with traditional reinsurance programs; holding insurance risk, uncorrelated with stocks and bonds; pricing insurance risk instruments and evaluating basic risk; and regulatory and accounting concerns.

Capital Allocation for Insurance Securitization of Natural Catastrophe Risks

Author : Alexander Erk
Publisher :
ISBN 13 :
Total Pages : 148 pages
Book Rating : 4.:/5 (726 download)

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Book Synopsis Capital Allocation for Insurance Securitization of Natural Catastrophe Risks by : Alexander Erk

Download or read book Capital Allocation for Insurance Securitization of Natural Catastrophe Risks written by Alexander Erk and published by . This book was released on 2010 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Policy Issues in Insurance Risk Awareness, Capital Markets and Catastrophic Risks

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264046607
Total Pages : 166 pages
Book Rating : 4.2/5 (64 download)

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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.

The Handbook of Insurance-Linked Securities

Author : Pauline Barrieu
Publisher : John Wiley & Sons
ISBN 13 : 0470685085
Total Pages : 612 pages
Book Rating : 4.4/5 (76 download)

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Book Synopsis The Handbook of Insurance-Linked Securities by : Pauline Barrieu

Download or read book The Handbook of Insurance-Linked Securities written by Pauline Barrieu and published by John Wiley & Sons. This book was released on 2010-06-15 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.

Insurance Linked Securities

Author : Christoph Weber
Publisher : Springer Science & Business Media
ISBN 13 : 3834967882
Total Pages : 367 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis Insurance Linked Securities by : Christoph Weber

Download or read book Insurance Linked Securities written by Christoph Weber and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securitisations of insurance risk as new methods of risk transfer have been emerging in the global financial market during the recent twenty years. Christoph Weber analyses the techniques of traditional methods in comparison with securitisations for life- and non-life insurance risk.

Managing Catastrophic Disaster Risks Using Alternative Risk Financing and Pooled Insurance Structures

Author : John D. Pollner
Publisher : World Bank Publications
ISBN 13 : 9780821349175
Total Pages : 132 pages
Book Rating : 4.3/5 (491 download)

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Book Synopsis Managing Catastrophic Disaster Risks Using Alternative Risk Financing and Pooled Insurance Structures by : John D. Pollner

Download or read book Managing Catastrophic Disaster Risks Using Alternative Risk Financing and Pooled Insurance Structures written by John D. Pollner and published by World Bank Publications. This book was released on 2001-01-01 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the existing constraints and opportunities to implement a catastrophe insurance system which can resolve the key obstacles currently impeding broader implementation of a risk funding approach. The four main pillars in such a strategy involve: strengthening the insurance sector regulatory requirements and supervision; establishment of broad based pooled catastrophe funding structures with efficient risk transfer tools; promoting public insurance policies linked to programs for loss reduction in the uninsured sectors; and strengthening the risk assessment and enforcement of structural measures such as zoning and building code compliance.

Catastrophe Bonds, Spreading Risk

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)

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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:

The Financing of Catastrophe Risk

Author : Kenneth A. Froot
Publisher : University of Chicago Press
ISBN 13 : 0226266257
Total Pages : 490 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis The Financing of Catastrophe Risk by : Kenneth A. Froot

Download or read book The Financing of Catastrophe Risk written by Kenneth A. Froot and published by University of Chicago Press. This book was released on 2007-12-01 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Insurance Securitization [electronic Resource] : Catastrophic Event Exposure and the Role of Insurance Linked Securities in Addressing Risk

Download Insurance Securitization [electronic Resource] : Catastrophic Event Exposure and the Role of Insurance Linked Securities in Addressing Risk PDF Online Free

Author : Kovacs, Paul J. E
Publisher :
ISBN 13 : 9780973221350
Total Pages : pages
Book Rating : 4.2/5 (213 download)

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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:

Catastrophic Risks and Insurance

Author :
Publisher : OECD Publishing
ISBN 13 :
Total Pages : 436 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Catastrophic Risks and Insurance by :

Download or read book Catastrophic Risks and Insurance written by and published by OECD Publishing. This book was released on 2005 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is the eighth of a series devoted to major policy issues in insurance, and sets out the proceedings of a conference, held in Paris in November 2004, to discuss options for dealing with losses caused by large-scale disasters. It contains a selection of papers and reports which focus on three key issues: the insurability of catastrophic risks; the extent to which financial markets can help address the risks of both natural disasters and terrorism; and the role of governments and public-private partnerships in the management of such risks.

Catastrophe Insurance Risks

Author : United States Government Accountability Office
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781978407473
Total Pages : 78 pages
Book Rating : 4.4/5 (74 download)

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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 2017-10-19 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Catastrophe Insurance Risks: Status of Efforts to Securitize Natural Catastrophe and Terrorism Risk

Catastrophe Risk Financing in Developing Countries

Author : J. David Cummins
Publisher : World Bank Publications
ISBN 13 : 0821377361
Total Pages : 299 pages
Book Rating : 4.8/5 (213 download)

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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.

Understanding the Securitization of Subprime Mortgage Credit

Author : Adam B. Ashcraft
Publisher : DIANE Publishing
ISBN 13 : 1437925146
Total Pages : 76 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Understanding the Securitization of Subprime Mortgage Credit by : Adam B. Ashcraft

Download or read book Understanding the Securitization of Subprime Mortgage Credit written by Adam B. Ashcraft and published by DIANE Publishing. This book was released on 2010-03 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.