Ο ρόλος των κεφαλαιαγορών στη διαχείριση των ασφαλιστικών κινδύνων ανωτέρας βίας

Abstract

The primary purpose of this article is to review the current insurance and capital markets
conversion trends. This trend is more evident in the area of natural catastrophes, which have
exhausted the capacity of insurers and reinsurers to underwrite risk. The finance industry has
reacted to this situation by issuing innovative products designed to spread the excess risk among
international investors. This has occurred with the launching of insurance derivatives (catastrophe
futures and options) as well as catastrophe bonds. We analyze the pros and cons of both
types of financial instruments and conclude that the securization of natural catastrophe risks by
means of cat bonds is the most promising way for increasing the insurance capacity in the
catastrophe line of the global reinsurance market