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Investment bankers have been eyeing up the insurance market for some time. The small size of the reinsurance market estimated at no more than a few hundred billion dollars means it lacks the capacity to absorb a succession of catastrophic risks. If the capital markets, whose capacity runs to tens of trillions of dollars, can be tapped, there is money to be made by intermediating bankers. Some have invested in the development of suitable financial products, including research of the legal issues, to determine what they can sell the insurance industry. |
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