Grading Basis: Graded
This seminar will explore legal and financial issues arising in the alternative insurance markets, emphasizing emerging issues including systemic risk, finite risk and coverage for catastrophic exposures. Traditional insurance products have lost market share to alternative risk vehicles as market and regulatory forces push risk-bearers toward new ways to transfer and spread risk. At the same time, excesses in the unregulated markets and increasing losses due to natural catastrophes threaten the solvency of conventional insurance markets. Together, these forces drive a convergence of banking, finance and insurance, and therefore the emergence of significant legal issues.