Wildy Logo
(020) 7242 5778
enquiries@wildy.com

Book of the Month

Cover of Company Directors: Duties, Liabilities and Remedies

Company Directors: Duties, Liabilities and Remedies

Edited by: Mark Arnold KC, Simon Mortimore KC
Price: £275.00

Lord Denning: Life, Law and Legacy



  


Welcome to Wildys

Watch


NEW EDITION Pre-order Mortgage Receivership: Law and Practice



 Stephanie Tozer, Cecily Crampin, Tricia Hemans
Practical guidance to relevant law & procedure


Offers for Newly Called Barristers & Students

Special Discounts for Newly Called & Students

Read More ...


Secondhand & Out of Print

Browse Secondhand Online

Read More...


Easter Closing

We will be closed between Friday 29th March and Monday 1st April for the Easter Bank Holidays, reopening at 8.30am on Tuesday 2nd April. Any orders received during this period will be processed with when we re-open.

Hide this message

Making a Market for Acts of God: The Practice of Risk Trading in the Global Reinsurance Industry


ISBN13: 9780198783770
Published: March 2017
Publisher: Oxford University Press
Country of Publication: UK
Format: Paperback (Hardback in 2015)
Price: £24.49
Hardback edition , ISBN13 9780199664764



Despatched in 4 to 6 days.

Reinsurance is a financial market that trades in the risk of unpredictable and devastating disasters - such as Hurricane Katrina, the Tohoku earthquake and tsunami, and the terrorist attacks on the World Trade Centre.

Such disasters are increasing in both frequency and severity, with the cost of their losses mounting rapidly. Reinsurance insures insurance companies, enabling them to pay claims arising from these losses. It is thus a market mechanism that is a critical part of the social and economic safety net, helping to pick up the pieces after disasters. Yet, how is the risk of such disasters calculated and traded in a global market?

This book brings to life the reinsurance market through vivid real-life tales that draw from an ethnographic, "fly-on-the-wall" study of the global reinsurance industry over three annual cycles. The authors shadowed underwriters around the world as they traded risks through multiple disasters.

For instance, this book takes readers into the desperate hours of pricing Japanese risks during March 2011, while the devastating aftermath of the Tohoku earthquake is unfolding. To show how the market works, the book offers authentic tales gathered from observations of reinsurers in Bermuda, Lloyd's of London, Continental Europe and SE Asia as they evaluate, price and compete for different risks as part of their everyday practice.

Understanding how this market for disasters works has never been more critical given the impact of climate change and increased global connectivity, where a flood in one country can trigger losses to supply chains around the world.

The authors develop a novel concept of how global markets work, which advances scholarship and challenges current thinking about how financial markets trade in intangible assets such as risk. This book will be useful to readers interested in markets for disasters, insurance, reinsurance and financial markets, and academics interested in the practice of financial markets specifically or the practice of strategy and organizations generally.

Subjects:
Insurance Law
Contents:
1. Reinsurance: A Market for Acts of God
2. United We Stand, Divided We Fall: Bearing Risk Collectively
3. Transforming Disasters into Tradable Deals
4. Calculation at the Frontier: Evaluation in the Absence of Models
5. One Firm's Trash is Another's Treasure: Competing in a Consensus Market
6. Unraveling the Nest: From a Market for Acts of God to a Market for Commodities
7. Addressing "Big Questions": Advancing a Practice Theory of the Market