Catastrophe Bonds

Pauline Barrieu (), Alexander Braun () and Despoina Makariou ()
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Pauline Barrieu: London School of Economics and Political Science
Alexander Braun: University of St. Gallen
Despoina Makariou: University of St. Gallen

A chapter in Handbook of Insurance, 2025, pp 169-195 from Springer

Abstract: Abstract Catastrophe bonds are one of the most important innovations in the risk transfer landscape of the last three decades. This chapter is a comprehensive discussion of catastrophe bonds. We contextualize catastrophe bonds within the broader context of alternative risk transfer and alternative capital, introduce the relevant terminology, explain the main structural and market characteristics, discuss the state of the art in catastrophe bond pricing, and provide an outlook for further developments in this area. Throughout the whole chapter, we highlight relevant academic research combined with current evidence from industry practice.

Keywords: Catastrophe bonds; Pricing; Insurance-linked securities; Alternative capital; JEL codes G15; G19; G22; G23 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-69561-2_6

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DOI: 10.1007/978-3-031-69561-2_6

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