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Is There a Lack of Correlation in Reinsurance Markets?
The lack of correlation is an important aspect that attracts investors to the space. I don't think anything is ever fully uncorrelated when you're talking about potentially world changing events. The Tahoku earthquake in tsunami in Japan was a very major insurance market event. It had some impact to the ILS market including to a number of catastrophe bonds, mostly in market to market losses for the cap on market.