2020 had around $16 billion of catastrophe bond and insurance linked-securities issuance. Around $47 billion capital remains outstanding. And No, there were no Covid-19 Cat bonds issued prior to the pandemic! I have concluded that these instruments indeterminate payouts have huge optionality which cannot be correctly modelled and therefore this security is not amenable to purposive inclusion – despite their non correlated characteristics – with the strategic asset allocation process. Certain other insurance linked securities may be, but even those are a stretch and should reside within the realm of tactical and opportunistic play.