Cat bond market drops on Harvey
Tuesday, 08 29 2017, Category: Insurance and Reinsurance, Country: World
The catastrophe bond market dropped on Friday as hurricane Harvey approached the Texas coastline, reflecting a little nervousness among investors regarding a few outstanding cat bonds that were deemed the most exposed to the storm, based on the forecasts at the time.
The Swiss Re Cat Bond Price Return index dropped 0.44% during last week, which Bloomberg cited as the steepest drop since January this year.
A number of outstanding catastrophe bonds have traded at slightly below par prices.