Economic Aspects of Securitization of Risk

Samuel H. Cox, Joseph R. Fairchild and Hal W. Pedersen

ASTIN Bulletin, 2000, vol. 30, issue 1, 157-193

Abstract: This paper explains securitization of insurance risk by describing its essential components and its economic rationale. We use examples and describe recent securitization transactions. We explore the key ideas without abstract mathematics. Insurance-based securitizations improve opportunities for all investors. Relative to traditional reinsurance, securitizations provide larger amounts of coverage and more innovative contract terms.

Date: 2000
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