How a storm chaser from LA cost Mexico many millions of dollars

Long article in the LA Times. Short version:

"With the help of Wall Street and the World Bank, Mexico had issued a series of complex insurance securities called catastrophe bonds, which promise quick payouts when powerful storms or earthquakes strike.

Known as

but it only missed out but a fraction in the end
does not mean it was not a catastrophic cyclone
(which it was)
that’s just the insurance company looking for another way out