Alternative Risk Strategies by Morton Lane

By Morton Lane

This quantity exposes the fairly new region of possibility financing from conventional equipment of coverage and offers research of the intersection of coverage and finance. It offers a close perception on numerous matters to incorporate an outline of the reinsurance undefined, contingent financing, terrorism danger, captives, finite threat, loss portfolio transfers, disaster chance, modelling matters and danger swaps. The paintings positive aspects multi-author contributions from top specialists of the consequences of September eleventh at the assurance and reinsurance markets and chronicles the industry alterations from conventional equipment of coverage via advancements, learn and present perform.

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The financial services industry as a whole is undergoing a process of tremendous change. The ongoing changes within the financial services industry make it imperative to rethink the profile of a sector such as reinsurance and its position in the insurance industry’s value chain. All sectors of the financial services industry are characterised by ongoing attempts to streamline and shorten the value chain. This is designed to save transaction costs and typically results in the break-up of existing client relationships.

1980, Reinsurance (New York: Strain Publishing Inc). , 1999, The Mathematics of Natural Catastrophes (London: Imperial College Press). xl Part I Product types for transferring, financing, transforming and retaining risk 1 Reinsurance Versus Other Risk-Transfer Instruments – The Reinsurer’s Perspective Kenneth J. Bock and Manfred W. Seitz Munich American Capital Markets and Munich Reinsurance Company1 In this chapter we provide an overview of the functions and types of traditional reinsurance before turning to tools for transferring risk between the (re)insurance and the capital markets and looking at the reinsurer’s role in these markets.

However I have asked them to contribute on different aspects of modelling. In Chapter 14 Gordon Woo of RMS uses his experience in natural catastrophe modelling to think from first principles about modelling man-made catastrophes, in particular terrorism. He discharges this task quite brilliantly, showing just how robust the modelling process can be. AIR in the personages of Mark Gibbas and Ming Lee show how the same techniques can be applied to modelling weather. Everybody forecasts it of course, but Gibbas and Lee show that it can be modelled and how weather derivatives can thereby be priced.

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