Optimizacija investicionog portfelja obveznicama za katastrofalne štete
Investment Portfolio Optimization By Investments In Catastrophe Bonds

Summary/Abstract: Optimization of a diversified portfolio has been realized through the changes in the allocation of existing and new types of financial assets or changing the investment manager, which affects exposure to the systematic and non-systematic risk, well known as beta and alpha coefficients, with the ultimate goal of achieving a better relationship between portfolio risk and return. In the recent years one of the most significant developments in the field of risk management and insurance is risk securitization which means the transfer of insurance risk by creating financial instruments such as catastrophe bonds. Portfolio diversification can be achieved by investing in catastrophe bonds, because investors have the possibility of gaining higher return in comparison to investing in corporate bonds of the same credit rating. The risk and return of catastrophe bonds depend only on insurance market fluctuations and by investing in these bonds additional effects of risk diversification can be realized accompanied with avoidance of negative risks interdependence effects of securities related to their issuers’ business performances and financial markets trends.

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