Financial Innovation in Property Catastrophe Reinsurance: The Convergence of Insurance and Capital Markets
8 Pages Posted: 9 Apr 2009
Date Written: June 1, 1996
Abstract
The property catastrophe reinsurance industry faces a major challenge. Since 1989, climatic volatility has produced unprecedented insured losses of $43 billion. $18 billion of which were from Hurricane Andrew alone. A surge of insurer defaults and dramatic changes in capacity and pricing have followed in their wake.
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