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Available Expert - Severe flooding in New Brunswick could affect insurance markets

Tuesday, May 8, 2018

Queen’s University expert Korey Pasch is available to comment on how major flooding in parts of New Brunswick, and natural disasters more broadly, may affect the Canadian insurance landscape, especially as the threat of extreme weather and natural disasters increases due to climate change.

“With the increasing severity and cost of disasters in Canada, most notably the Calgary flood in 2013 and the Fort McMurray fire in 2016, there has been some discussion of the need to introduce specialty reinsurance products here in Canada, specifically ‘catastrophe bonds’ which are a new form of reinsurance capital,” says Mr. Pasch. “I think the public should be more aware of these instruments and how they fit into the conversations surrounding the flooding in New Brunswick.”

Mr. Pasch is a PhD candidate in the Department of Political Studies at Queen’s University whose thesis research is focused on insurance-linked securities called “catastrophe bonds” (or ‘cat bonds’) – a financial mechanism first used in the wake of 1992’s Hurricane Andrew as a way for insurance companies to transfer certain risks to private investors.

He is interested in how financial markets are becoming increasingly integrated into the traditional insurance sector and what these changes could mean for the larger global political and economic realities of disaster management.

To arrange an interview, please contact communications officer Dave Rideout (613.533.6000 ext. 79648, 613.453.5676, or dave.rideout@queensu.ca) or Anne Craig (613.533.2877 or anne.craig@queensu.ca) at Queen’s University News and Media Services Department in Kingston, ON, Canada.

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