While the catastrophe bond market is still in it's early stages, the asset class continues to gain credibility as a formidable sector that may soon involve the securitization of diverse disaster risks such as automobile accidents, airline crashes and satellite launches.

"There's been a lot done in hurricane and windstorm and earthquake risk securitizations but now we're starting to see people broadening their horizons a little bit," said James Doona, director at Standard & Poor's Ratings Service.

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