Catastrophe bonds are having a moment. More investors are piling into this niche asset class than we've seen before. Why the sudden interest? A major capital management firm points to two key factors: the insurance protection gap keeps widening while traditional capacity remains flat. When conventional insurance markets can't keep up with climate risks and disaster exposure, cat bonds start looking pretty attractive. Institutional money is flowing in as portfolios hunt for uncorrelated returns that don't move with stocks or crypto. The yield premiums are tempting, especially when you consider these instruments sidestep traditional reinsurance bottlenecks. It's another sign that alternative risk transfer mechanisms are maturing beyond their original insurance industry sandbox.