After a decade of use and refinement, catastrophe bonds (“cat bonds”) have matured substantially. They have become integrated into modern catastrophe risk management practices. Issuance activity rates accelerated dramatically, even in the wake of two consecutive annual new issuance records. With rates softening for traditional reinsurance capacity, a third consecutive record-setting year characterized the cat bond market in 2007.

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Tropical Cyclone Review 2007 summarises the season’s tropical cyclones and the impact of the more significant cyclones after landfall. Tropical cyclone activity is reviewed by oceanic basin, covering those that developed in the North Atlantic, Northeast Pacific, Northwest Pacific, Australian and North and South Indian Ocean basins. This report includes an estimation of the economic and insured losses sustained from each cyclone (where possible). Predictions of tropical cyclone activity for the 2008 season are given per oceanic basin when permitted by available data.

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