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The last comment was very prescient. The reinsurance market does act as a global swpaper and diversifier of risk - albeit with a chunky spread taken out. Until recently, insurable values were very skewed, and in much of the world, went uninsured. The multiples Fla residents are being  required to pay global reinsurance market is because there just remains too much insurable risk there relative to what can be swapped or diversified globally (at present). Cat bonds and other attempts to broaden tradeable risk which diminishes spread and disintermediates reinsurers has yet to really to fully realize its potential.

Finally, the models are really not bad, and the modeling and brainpower resources that goes into them makes Wall Street IT look like a several-generations-old gameboy.

by NihonCassandra (rusol1@yahoo.com) on Mon Nov 1st, 2010 at 01:55:51 PM EST

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