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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

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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Bibliographic 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
Date of revision:
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;

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Cited by:
  1. Chichilnisky, Graciela, 2009. "The topology of fear," Journal of Mathematical Economics, Elsevier, vol. 45(12), pages 807-816, December.
  2. Chichilnisky, Graciela & Heal, Geoffrey, 1998. "Managing unknown risks: the future of global reinsurance," MPRA Paper 8820, University Library of Munich, Germany.
  3. Chichilnisky, Graciela, 1996. "The Future of Global Reinsurance," MPRA Paper 8334, University Library of Munich, Germany.
  4. Chichilnisky, Graciela, 1998. "The economics of global environmental risk," MPRA Paper 8812, University Library of Munich, Germany.

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