This research provides evidence on the relationship between catastrophe (Cat) bonds and reinsurance demand for insurers …. Cat bonds substitute for traditional reinsurance demand in the hard reinsurance market, but not in the soft market. When … decomposing the total reinsurance demand into internal and external reinsurance, Cat bonds have a significantly positive effect on …

area. This area is the most exposed in Romania to earthquakes, and it includes the capital, Bucharest, which is the urban …

reinsurer has private information about his client's risk, outside reinsurers will price their reinsurance offer less …