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Securitization of Catastrophe Risk: New Developments in Insurance- Linked Securities and Derivatives

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  • Sylvie Bouriaux
  • Richard MacMinn

Abstract

This paper discusses the most recent developments in insurance securitization and assesses the potential for growth in the insurance-linked securities (ILS) market and in insurance-linked derivatives. In particular, the authors analyze the motivations of security sponsors and investors to participate in the catastrophe (CAT)– linked capital market, and identify the key components of growth and its impediments. Finally, this article discusses the technical and regulatory issues that could be crucial to market growth. In this context, the authors recommend new private and public initiatives aimed at boosting the use and efficiency of CAT-linked securities and derivatives.

Suggested Citation

  • Sylvie Bouriaux & Richard MacMinn, 2009. "Securitization of Catastrophe Risk: New Developments in Insurance- Linked Securities and Derivatives," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 32(1), pages 1-34.
    • Handle: RePEc:wri:journl:v:32:y:2009:i:1:p:1-34
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    Cited by:

    1. Karl Demers‐Bélanger & Van Son Lai, 2020. "Diversification benefits of cat bonds: An in‐depth examination," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 29(5), pages 165-228, December.
    2. MacMinn, Richard & Richter, Andreas, 2018. "The choice of trigger in an insurance linked security: The mortality risk case," Insurance: Mathematics and Economics, Elsevier, vol. 78(C), pages 174-182.
    3. Zac J. Taylor, 2020. "The real estate risk fix: Residential insurance-linked securitization in the Florida metropolis," Environment and Planning A, , vol. 52(6), pages 1131-1149, September.
    4. Alex Huynh & Aaron Bruhn & Bridget Browne, 2013. "A Review of Catastrophic Risks for Life Insurers," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 16(2), pages 233-266, September.
    5. Massimo Arnone & Michele Leonardo Bianchi & Anna Grazia Quaranta & Gian Luca Tassinari, 2021. "Catastrophic risks and the pricing of catastrophe equity put options," Computational Management Science, Springer, vol. 18(2), pages 213-237, June.
    6. Rui Figueiredo & Mario L.V. Martina & David B. Stephenson & Benjamin D. Youngman, 2018. "A Probabilistic Paradigm for the Parametric Insurance of Natural Hazards," Risk Analysis, John Wiley & Sons, vol. 38(11), pages 2400-2414, November.
    7. Joanna Błach, 2020. "Barriers to Financial Innovation—Corporate Finance Perspective," JRFM, MDPI, vol. 13(11), pages 1-23, November.

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