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 <subject>Bonds (securities)</subject>
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 <subject>Insurance claims</subject>
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<titleInfo>
 <title>Catastrophe Insurance Risks: Status of Efforts to Securitize Natural Catastrophe and Terrorism Risk</title>
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<abstract>In addition to potentially costing hundreds or thousands of
lives, a natural or terrorist catastrophe in the United States	 
could place enormous financial demands on the insurance industry,
businesses, and taxpayers. Given these financial demands,	 
interest has been raised in bonds that are sold in the capital	 
markets and thereby diversify catastrophe funding sources. GAO	 
was asked to update a 2002 report on &quot;catastrophe bonds&quot; and	 
assess (1) their progress in transferring natural catastrophe	 
risks to the capital markets, (2) factors that may affect the	 
issuance of catastrophe bonds by insurance companies, (3) factors
that may affect investment in catastrophe bonds, and (4) the	 
potential for and challenges associated with securitizing	 
terrorism-related financial risks.</abstract>
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 <topic>Bonds (securities)</topic>
 <topic>Financial analysis</topic>
 <topic>Financial management</topic>
 <topic>Insurance claims</topic>
 <topic>Insurance companies</topic>
 <topic>Risk management</topic>
 <topic>Strategic planning</topic>
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