My, I'm behind on responding to comments.
A reader says:
Phenomenon of Tsunami is going to be universal and may hit any country without any geographical /distance limitation. When the risk of Natural calamity is accepted in one country ,loss due to tsunami is to be paid, since application of premium rate is limited to that country.That may be true for an insurance policy, but it doesn't have to be true for a catastrophe bond, which can be bought by anyone anywhere.
-jsq
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