Convergence

{
  "id": "MLC-T-INS-000972",
  "term": "Convergence",
  "field": "Insurance and risk management",
  "definition": "The trend where distinct financial sectors, such as banking, insurance, and securities, begin to offer similar products and services, or where their regulatory frameworks become more aligned. This can also refer to the integration of traditional insurance with capital markets, such as through catastrophe bonds or other insurance-linked securities. It blurs traditional industry boundaries and creates new risk transfer mechanisms.",
  "url": "https://mlchart.com/terminology/insurance/convergence/"
}