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Convergence of Insurance and Financial Markets: Hybrid and Securitized Risk-Transfer Solutions

机译：保险和金融市场的融合：混合和证券化的风险转移解决方案

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摘要

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)insurance sectors. Convergence has been driven by the increase in the frequency and severity of catastrophic risk, market inefficiencies created by (re)insurance underwriting cycles, advances in computing and communications technologies, the emergence of enterprise risk management, and other factors. These developments have led to the development of hybrid insurance/financial instruments that blend elements of financial contracts with traditional reinsurance as well as new financial instruments patterned on asset-backed securities, futures, and options that provide direct access to capital markets. This article provides a survey and overview of the hybrid and pure financial markets instruments and provides new information on the pricing and returns on contracts such as industry loss warranties and Cat bonds.
机译：过去十年中最重要的经济发展之一是金融服务业的融合，特别是资本市场和（再）保险部门的融合。灾难性风险的发生频率和严重性增加，（再保险）承保周期造成的市场效率低下，计算和通信技术的进步，企业风险管理的出现以及其他因素推动了趋同。这些发展导致了混合保险/金融工具的发展，该混合保险/金融工具将金融合同的要素与传统的再保险相结合，以及以资产支持证券，期货和可直接进入资本市场的期权为模式的新金融工具。本文提供了混合和纯金融市场工具的调查和概述，并提供了有关定价和合同收益（例如行业损失担保和Cat债券）的新信息。

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  • 来源
    《The journal of risk and insurance》 |2009年第3期|493-545|共53页
  • 作者

    J. David Cummins; Mary A. Weiss;

  • 作者单位

    Risk Management, Insurance, and Financial Institutions at Temple University;

    Risk Management and Insurance at Temple University;

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  • 正文语种 eng
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