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Alternative Risk Transfer (ART)

Any form of risk transfer that includes at least an element of insurance risk, rather than purely financial risk. Possible features of ART include, but are not restricted to:
        Tailor-made solutions
        Multi-year policies
        Often the coverage of risks that the conventional market would regard as uninsurable
        Often the inclusion of some form of risk transfer of non-insurance risk

The definition of ART includes, but is not restricted to, finite reinsurance and securitisation of insurance risks.

from International Association of Insurance Supervisors