A few years ago, the Jamaican government started making an unusual financial bet. It went to investors around the world asking if they'd like to wager on the chances a major hurricane would hit the island in the next couple of years. In finance terms, these kinds of wagers are called "catastrophe bonds." They're a way to get investors to share the risk of a major disaster, whether that's a Japanese earthquake, a California wildfire, or a Jamaican hurricane. This market for catastrophe has gotten really hot lately. And it’s changing the way that insurance works for all of us. <a href="https://www.planetmoneybook.com/"target="_blank" >Pre-order the Planet Money book and get a free gift</a>. /  <a href="https://n.pr/3HlREPz"target="_blank" >Subscribe to Planet Money+</a>Listen free: <a href="http://n.pr/PM-digital"target="_blank" >Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR"target="_blank" >Spotify</a>, <a href="https://n.pr/3Bkb17W"target="_blank" >the NPR app</a> or anywhere you get podcasts.<a href="https://n.pr/3h92GwS"target="_blank" >Facebook</a> / <a href="https://n.pr/3FqLuws"target="_blank" >Instagram</a> / <a href="https://n.pr/3sGZdrq"target="_blank" >TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB"target="_blank" >Newsletter</a>.This episode was produced by Willa Rubin and edited by Marianne McCune. It was engineered by Jimmy Keeley and Kwesi Lee. Fact-checking by Sierra Juarez and Vito Emanuel. Alex Goldmark is our executive producer.Music: Universal Music Production - “Lagos to London,” “Sleazy Does It,” “The Sundown Set.” Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

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