Convergence of Insurance and Financial Markets: Hybrid and Securitized Risk‐Transfer Solutions
综述了保险与资本市场融合产生的混合型及纯金融工具，如行业损失保证和巨灾债券，并提供了定价和回报的新信息，对风险管理和金融从业者具有参考价值。
Abstract 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.