Identifying the Factors Effective in Issuing Catastrophic Bonds in Iran’s Oil and Gas Industry Using the Delphi Method

One of the innovations that has been formed in the insurance industry in recent years is risk transfer to the capital markets. today, this possibility is provided by issuing insurance bonds and catastrophe (cat) bonds, the most critical type of insurance-linked securities (ils), and can redress inefficiency in the insurance industry. today, more and more catastrophe bonds are being issued worldwide, which investors and insurance companies welcome. on the other hand, traditional insurance solutions to cover the risks of iran’s oil and gas industry are not efficient or sufficient, and using cat bonds to transfer the risks of this industry to capital markets is necessary and inevitable. this work aims to identify influential factors for issuing catastrophe bonds in iran’s oil and gas industry. based on this and after reviewing the literature through library studies, 33 factors were identified in 7 categories based on the similarities. then, based on the delphi method, experts were asked to express their opinions through an iterative questionnaire. after taking the experts’ views in every round, the statistics analysis was performed, and the delphi process was stopped in the third round. based on the results, 32 factors in 6 categories, namely legislation and amendment of the rules, knowledge management, process management, transparency, creation and strengthening of software platforms, and cultivation, were approved by the experts and identified as influential factors for issuance of cat bonds in iran’s oil and gas industry.