Gibson, Rajna; Habib, Michel; Ziegler, Alexandre - Institut für Schweizerisches Bankwesen <Zürich> - 2007
reinsurance companies, financial markets have failed to displace reinsurance as the primary risk-sharing vehicle for natural … exposure either through financial markets or through traditional reinsurance, we find that the supply of information by … informed traders in financial markets may be excessive relative to its value for the insurance company, causing reinsurance to …