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The Impact of the financial crisis and natural catastrophes on CAT Bonds

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<title>Impact of the financial crisis and natural catastrophes on CAT Bonds</title>
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<name type="personal" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20160011524">
<namePart>Hibbeln, Martin</namePart>
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<namePart>Winkelvos, Christine</namePart>
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<abstract displayLabel="Summary">This article employs secondary market data to examine how natural catastrophes or financial crises affect CAT bond premiums. We find evidence that both the financial crisis and Hurricane Katrina significantly affected CAT bond premiums. The premium increase resulting from natural catastrophes can primarily be attributed to an increased coefficient of expected loss calculated by catastrophe modeling companies. Furthermore, our results indicate a positive relationship between corporate spreads and CAT bond premiums. Thus, CAT bonds should not be regarded as zero-beta securities. Moreover, our results indicate that deal complexity, ratings, and the reinsurance cycle are significant drivers of CAT bond premiums</abstract>
<note type="statement of responsibility">Marc Gürtler, Martin Hibbeln, Christine Winkelvos</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080600204">
<topic>Catástrofes naturales</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080575298">
<topic>Crisis económica</topic>
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<topic>Impacto económico</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080624552">
<topic>Mercado secundario de valores</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080629755">
<topic>Seguro de riesgos extraordinarios</topic>
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<topic>Bonos</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080581886">
<topic>Primas de seguros</topic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
<part>
<text>05/09/2016 Volumen 83 Número 3 - septiembre 2016 , p. 579-612</text>
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