Having observed the regular occurrence and catastrophic financial impact of floods and

hailstorms, risk experts advised the risk$-$takers in the province to consider taking cat

bonds. This risk financing advice forms part of $...(2)$

a$.$ alternative risk transfer $($ART$).$

b$.$ the insurance and reinsurance market.

c$.$ thr reinsurance and retrocession market.

d$.$ insurance$-$linked securities$.$