There were 115 catastrophe bonds in the Swiss Re Global Cat Bond Indices last year with a record-high market value of $14.6 billion, Swiss Re says. "[I]nsurers have sought to securitize riskier layers using indemnity triggers which more closely reflect their ultimate net losses. In 2012 this trend became more pronounced as investors accepted more complex risks including aggregate indemnity, commercial indemnity and residual pool risk," the report says.

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