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Quantitative Guide to Insurance-Linked Securities (ILS): Cat Bonds, Parametric Triggers, and Risk Transfer Modeling with Python
Paperback
Publisher: Independently Published
Published: Nov 24 2025
Pages: 554
Weight: 1.61
Height: 1.12 Width: 6.00 Depth: 9.00
Language: English
Insurance-Linked Securities (ILS) have quietly become one of the most powerful and misunderstood asset classes in global finance. Sitting at the intersection of insurance, capital markets, and quantitative risk modeling, ILS products, catastrophe bonds, parametric triggers, sidecars, and collateralized reinsurance, allow investors to access returns that are uncorrelated with traditional markets. Yet few practitioners understand how these instruments are structured, priced, and modeled.
The Quantitative Guide to Insurance-Linked Securities (ILS) is the first Python-driven, analyst-focused handbook built for portfolio managers, quants, actuaries, and risk professionals seeking a rigorous, data-driven approach to ILS.
Vincent Bisette breaks down the mechanics of the ILS market with mathematical clarity, making complex structures accessible through real-world modeling techniques. This book shows you how to build pricing engines, simulate catastrophe risk, evaluate trigger mechanisms, and integrate ILS into multi-asset portfolios using transparent, reproducible Python code.
Inside, you will learn:
- How cat bonds, parametric triggers, industry-loss warranties (ILWs), and collateralized reinsurance are structured and traded
- Quantitative frameworks for catastrophe modeling using event catalogs, exceedance curves, and loss distributions
- Python-powered tools for modeling hazard frequency, severity, and region-specific peril risk
- Pricing techniques based on trigger probability, layer attachment, exhaustion points, and expected loss
- How to assess diversification benefits and correlation behavior within cross-asset portfolios
- Advanced scenario analysis for climate risk, tail events, and model uncertainty
- A complete workflow to build your own ILS pricing and risk engine from scratch
Whether you're an institutional investor seeking uncorrelated returns, a quant exploring new frontiers in risk transfer, or an actuary bridging into capital markets, this book gives you a framework used by elite ILS funds and reinsurers.
In the age of climate volatility, understanding catastrophe risk is no longer optional, it's alpha.
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