One of the most significant economic developments of the past decade has been the
convergence of the financial services industry, particularly the capital markets and (re) …

What a pleasure it is to discover the second edition of the Handbook of Insurance, edited by
Georges Dionne, 12 years after the first! Almost all original basic texts are there, for the most …

The increasing number of natural catastrophes like floods, hurricanes, and earthquakes not
only causes many victims, but also leads to severe production, infrastructure, and individual …

In this paper, we comprehensively analyze the catastrophe (cat) swap, a financial instrument
which has attracted little scholarly attention to date. We begin with a discussion of the typical …

Frequent large losses from recent catastrophes have caused great concerns among
insurers/reinsurers, who then turn to seek mitigations of such catastrophe risks by issuing …

Are catastrophe bonds (CAT bonds) zero-beta investments? Are they a valuable new source
of diversification for investors? We study these questions by analysing the dynamic relations …

One of the most significant economic developments of the past decade has been the
development of innovative risk-financing techniques in the insurance industry. Innovation …

Natural catastrophes lead to problems of insurance and reinsurance industry. Classic
insurance mechanisms are often inadequate for dealing with consequences of catastrophic …

We propose a valuation model for catastrophe insurance options written on a loss index.
This kind of options distinguishes between a loss period [0, T1], during which the …

Natural catastrophe risk is increasingly being covered through alternative capital instead of
reinsurance. Since most such instruments do not trade in an active market, their ongoing …