Alexander Braun
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Prof. Dr.
Last Name
Braun
First name
Alexander
Email
alexander.braun@unisg.ch
Phone
+41 71 224 3653

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Publication

Asset Pricing and Extreme Event Risk: Common Factors in ILS Fund Returns

2019-05 , Braun, Alexander , Ben Ammar, Semir , Eling, Martin

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Publication

Alternative Risk Transfer and Insurance-Linked Securities: Trends, Challenges and New Market Opportunities

2015 , Ben Ammar, Semir , Braun, Alexander , Eling, Martin

Due to their relatively high yields and low return correlations with traditional asset classes, insurance-linked securities (ILS) are often described as an attractive investment opportunity. Yet, the investor base for ILS is largely dominated by a few specialized investment managers. The aim of this paper is to analyze advantages and disadvantages, the current market development and the decision-making processes that drive the demand for this aspiring asset class. To reach this aim, we first review the existing knowledge on ILS instruments and markets, then present results of a new international survey among ILS Investors and finally, based on the results of the first and second step, derive implications for the future development of ILS. The key findings of our study can be summarized as follows: To date, transaction costs along with lacking experience / knowledge and regulatory uncertainty are the most significant impediments to ILS market expansion. Skin in the game is necessary to attract investors; we show that a 5 to 10% sponsor investment leads to large increases in the willingness to invest. We observe that investors do not consider ratings as necessary and that having no rating is better than having a bad rating. Overall, the ILS market is likely to grow substantially over the next years; the survey participants expect its volume to double by 2019. In this context, we discuss the role of new instruments such as protected cell companies and new types of risks such as cyber risk, high frequency risks or run-off risks.

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Publication

Virtuelle Revolution

2018-06 , Braun, Alexander , Eling, Martin

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Publication

Insurance-Linked Securities - Trends, Challenges, and New Market Opportunities

2015-07-01 , Ben Ammar, Semir , Braun, Alexander , Eling, Martin

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Publication

Risk Sharing for Extreme Events

2023 , Marcel Freyschmidt , Martin Eling , Alexander Braun

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Publication

An Investigation into the Insurability of Pandemic Risk

2020-10 , Braun, Alexander , Eling, Martin , Schanz, Kai-Uwe , Schmeiser, Hato

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Publication

Gute Papiere für schlechte Zeiten: Insurance-Linked Securities erfreuen sich bei institutionellen Investoren einer wachsenden Beliebtheit

2015-09-15 , Ben Ammar, Semir , Braun, Alexander , Eling, Martin

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Publication

Assekuranz 2025: Quo Vadis?

2017 , Beer, Simone , Braun, Alexander , Bühler, Pascal , Eling, Martin , Maas, Peter , Reichel, Lukas , Rüfenacht, Matthias , Schaper, Philipp , et al.

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Publication

China's tech giants transform healthcare sector with cutting-edge technologies

2019-06-26 , Braun, Alexander , Eling, Martin , Häusle, Niklas Matthias , Lehmann, Martin , Schmeiser, Hato , Ungar, Lyle

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Publication

Herausforderungen und Marktchancen von Insurance-Linked Securities

2015-10-15 , Ben Ammar, Semir , Braun, Alexander , Eling, Martin

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