CAT Bonds and Other Risk-Linked Securities¶
Cummins, J. D. (2008). CAT Bonds and Other Risk-Linked Securities: State of the Market and Recent Developments. Risk Management and Insurance Review, 11(1), 23-47.
Cited by¶
1 citation across 1 artifact.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Risk Transfer
- In insurance and reinsurance, policyholders transfer loss distributions to insurers, insurers transfer the tail to reinsurers, and reinsurers transfer catastrophic layers to capital markets via catastrophe bonds.
This sourceDescribes catastrophe bonds transferring reinsurer peak-loss tails to capital-market investors, including parametric triggers and collateral structures.
Supported in partVerified against the work's full text
Cummins supports the last link: CAT bonds move high-layer catastrophe reinsurance risk to capital-market investors. The policyholder-to-insurer and insurer-to-reinsurer steps are not set out.
“CAT bonds often are issued to cover the so-called high layers of reinsurance protection, e.g., protection against events that have a probability of occurrence of 0.01 or less”
- In insurance and reinsurance, policyholders transfer loss distributions to insurers, insurers transfer the tail to reinsurers, and reinsurers transfer catastrophic layers to capital markets via catastrophe bonds.
Verification¶
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