In late April, the Turkish Catastrophe Insurance Pool (TCIP) issued a $400 million cat bond, its first ever.

The deal surfaced at a time when the sector is experiencing rapid growth and drawing in new investors, with global cat bond issuance potentially coming within reach of 2007’s $7 billion record, observers say. Conditions it would seem are ripe for other emerging markets to follow Turkey’s suit, and hedge the sorts of risk that are present everywhere.

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