A Cat Bond Premium Puzzle?

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How researchers see this paper

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Convergence of Insurance and Financial Markets: Hybrid and Securitized Risk Transfer Solutions (2008, unknown): “Numerous professional journal and industry-oriented publications are not specifically reviewed here but are cited throughout the text.”
Financial performance of supply chains after disruptions: an event study (2006, background): “In light of Kunreuther and Bantwal’s (2000) discussion on rigidities in the successful introduction of Cat-Bonds, one alternative risk transfer instrument, the latter task may be challenging, but appears to be worth the effort.”
Pricing in the Primary Market for Cat Bonds: New Empirical Evidence (2016, unknown): “Finally, 19This markup is sometimes referred to as a “novelty premium” (see, e.g., Bantwal and Kunreuther, 2000).”
Pricing Default-Risky Cat Bonds with Moral Hazard and Basis Risk (2002, background): “Bantwal and Kunreuther (1999) also noted the tendency for insurers to write additional policies in a catastrophe-prone area, spending less time and money in their auditing of losses after a disaster.”
Moral Hazard, Basis Risk, and Gap Insurance (2002, unknown): “, Durrer (1996), Cholnoky, Zief, Werner, and Bradistilov (1998), Bantwal and Kunreuther (2000), and Cummins, Lalonde, and Phillips (2000).”
Securitization of Catastrophe Mortality Risks (2008, unknown): “Bantwal and Kunreuther (1999) found the spread of property catastrophe bonds are too high to be explained by standard financial theory.”