Document Type : Original Article
Authors
- Mohammad Reza Kazemi Najaf Abadi 1
- Mohammad Mahdi Hajian 2
- Mohammad Hashem Bot Shekan 3
- Ghadir Mahdavi 4
1 Ph.D. Student, Faculty of Law and Political Sciences, Allameh Tabataba`i University, Tehran, Iran
2 Assistant Professor, Faculty of Law and Political Sciences, Allameh Tabataba`i University, Tehran, Iran
3 Associate Professor, Faculty of Management and Accounting, Allameh Tabataba`i University, Tehran, Iran
4 Associate Professor, Faculty of Insurance, Allameh Tabataba`i University, Tehran, Iran,
Abstract
One of the innovations that has been formed in the insurance industry in recent years is transfer the risk to the capital markets. Today, this possibility is provided by issuing insurance bonds and Catastrophe bonds, which are a most important type of insurance-linked securities (ILS), can redress inefficiency in the insurance industry.
Today, more and more Catastrophe (CAT) bonds are being issued worldwide, which is welcomed by investors and insurance companies. On the other hand, traditional insurance solutions to cover the risks of Iran's oil and gas industry is not efficient and sufficient and using CAT bonds to transfer risks of this industry to capital markets is a necessary and inevitable issue.
The aim of this research is to identify effective factors for issuing Catastrophe bonds in Iran's oil and gas industry. On this basis and after reviewing the literature through library studies, 33 factors were identified in the form of seven categories, based on the similarities. Then, based on Delphi method, experts were asked to express their opinions through an iterative questionnaire. After take the experts' opinions in every round, the statistics analysis was performed and the Delphi process was stopped in the third round. Based on the results, the number of 32 factors in six categories with the titles Legislation and Amendment of the Rules, Knowledge Management, Process Management, Transparency, Creation and Strengthening of Software Platforms and Cultivation were approved by experts and identified as effective factors for issuance of Cat bonds in Iran's oil and gas industry.
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