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The Investment Assets Handbook: A definitive practical guide to asset classes by Yoram Lustig

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Chapter 17: Insurance-linked securities (ILS)

Insurance-linked securities (ILS) are instruments by which insurance risk is transferred via a capital market contract. The idea underlying ILS is reinsurance. In 1842 a fire swept through the streets of Hamburg, burning down almost a quarter of the city. Back then such disasters were common because of the narrow streets of wooden houses. However, the city of Hamburg was prepared for such a disaster.

After the infamous Great Fire of London in 1666 and other similar events in towns around Europe, the citizens of Hamburg clubbed together in 1676 and formed the Hamburger Feuerkasse (Hamburg Fire Office), the first officially established, publicly owned fire insurance company in the world. In 1817 ...

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