CAT Bonds and Other Risk-Linked Securities: State of the Market and Recent Developments

By J. David Cummins · American Risk and Insurance Association, Inc. · 2008

Study guide: Exam 9

An article that reviews the current status of the market for catastrophic risk (CAT) bonds and other risk-linked securities. It describes these vehicles as financing mega-catastrophes and other losses by accessing capital markets directly, and reports that the CAT bond market grew steadily with record amounts of risk capital raised in 2005, 2006 and 2007. It appeared in Risk Management and Insurance Review, Vol. 11, No. 1, March 2008, pp. 23-47.

On the syllabus

• Exam 9 — objective C7, describe and apply securitization and its applications to the management of catastrophe risk (e.g., CAT bonds, insurance-linked securities); in the study kit (Cummins CAT Bond).

Contents unavailable No free copy of this article is published; the CAS supplies it in the Exam 9 study kit and the publisher's page is behind a paywall. This page records its citation, abstract and assignment from the CAS's record of the article and the content outline.

Sources

• CAT Bonds and Other Risk-Linked Securities: State of the Market and Recent Developments (CAS abstract record) — the title as the record prints it, the abstract the lead is drawn from, and the volume, number, pages and year; the article itself is not linked from this record
• CAT Bonds and Other Risk-Linked Securities (publisher's record, DOI 10.1111/j.1540-6296.2008.00127.x) — the article's DOI, the title as the publisher's metadata (Crossref) prints it, the author, the journal and the March 2008 print date; the full text is behind the publisher's paywall and was not readable, so no section headings were taken from it, and the November 2007 working paper on SSRN, a different version, was not read in its place
• CAS Exam 9 Content Outline, Fall 2026 — the citation (Cummins, J. D., Risk Management and Insurance Review, American Risk and Insurance Association, Inc., 2008, Vol. 11, No. 1, pp. 23-47, which prints the title as "CAT Bond and Other Risk-Linked Securities: State of the Market and Recent Developments"), the abbreviation Cummins CAT Bond, task C7 and the study-kit source code (SK) (sha256 be1980d4…, version v01 2026-03-18)