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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

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  1. Russell Davidson & James G. MacKinnon, 1984. "Implicit Alternatives and the Local Power of Test Statistics," Working Papers 556, Queen's University, Department of Economics.
    Other versions:
  2. Masten, Scott E, 1988. "A Legal Basis for the Firm," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 181-98, Spring.
  3. Joel L. Horowitz, 1996. "Bootstrap Methods in Econometrics: Theory and Numerical Performance," Econometrics 9602009, EconWPA, revised 05 Mar 1996. [Downloadable!]
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  6. Patrick Legros & Steven A. Matthews, 1992. "Efficient and Nearly Efficient Partnerships," Discussion Papers 991R, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  7. Dayton-Johnson, Jeff, 2000. "Determinants of collective action on the local commons: a model with evidence from Mexico," Journal of Development Economics, Elsevier, vol. 62(1), pages 181-208, June. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Chichilnisky, Graciela, 1998. "The economics of global environmental risk," MPRA Paper 8812, University Library of Munich, Germany. [Downloadable!]
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