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Preparing for Disaster by Betting Against It

Georgia Levenson Keohane

February 12, 2014 |

The New York Times |

Text |

1500-3000 Words

Response Location: United States, New York, New York

In the wake of Hurricane Sandy, necessity has bred an interesting kind of financial invention for the New York MTA: the world’s first “catastrophe” bond - a reinsurance for the insurer - designed to protect public transportation infrastructure, specifically against storm surge. These bonds privatize risk for public gain, creating a kind of tool that may protect economic development against all kinds of natural and man-made disasters around the world.

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