Natural disasters caused $220 billion in economic losses last year, while insurance covered only $107 billion, leaving households, businesses and governments to absorb the rest. The catastrophe-bond market had $65.6 billion outstanding in June and new issuance reached $11.3 billion in the second quarter, according to CoinDesk, as Harneys and dropRWA plan to issue tokenized catastrophe bonds in early 2027 with smaller ownership units that could broaden investor access while still facing securities, insurance and investor-protection rules.