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Financial Innovation in Property Catastrophe Reinsurance: The Convergence of Insurance and Capital Markets

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Author Info
Chichilnisky, Graciela

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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. Catastrophic risks must be addressed with innovative financial approaches that bring the insurance industry closer to the securities industry. This article discusses the new financial instruments that can be successfully used to hedge unknown catastrophe risks.

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File URL: http://mpra.ub.uni-muenchen.de/8333/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8333.

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Date of creation: 1996
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Handle: RePEc:pra:mprapa:8333

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Related research
Keywords: insurance; catastrophe; financial markets; securitization; hedge; climate change; climate volatility; reinsurance; capacity; catastrophic risk; catastrophe bundles; catastrophe futures; law of large numbers; risk financing;

Find related papers by JEL classification:
G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters

Cited by:
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  1. Chichilnisky, Graciela & Heal, Geoffrey, 1998. "Managing unknown risks: the future of global reinsurance," MPRA Paper 8820, University Library of Munich, Germany. [Downloadable!]
  2. Chichilnisky, Graciela, 1998. "The economics of global environmental risk," MPRA Paper 8812, University Library of Munich, Germany. [Downloadable!]
  3. Chichilnisky, Graciela, 1996. "The Future of Global Reinsurance," MPRA Paper 8334, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2009-12-14.

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