Natural catastrophe losses neared record levels last year, with Munich Re reporting that $50bn (£41bn) was paid out in natural disaster claims during 2016 alone. Global reinsurers and insurers are now under pressure to expand capacity and build extra layers of protection against these costly threats. This is where catastrophe bonds come into play. Catastrophe bonds are corporate bonds issued by insurers or entities operating in a catastrophe-exposed region. A risk-modelling firm calcula
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