More than 12,000 structures, including homes, businesses, and schools, have been destroyed by the wildfires in California. As the economic damage rises, attention turns to catastrophe bonds—financial instruments designed to help cover disaster-related losses. In a recent Marketplace Morning Report podcast, experts discuss how these bonds function. Among them is Dr. Robert Hartwig, who notes that approximately 12% of the $50 billion in outstanding catastrophe bonds have exposure to wildfires. The discussion also explores how these disasters impact LA’s unhoused community. Listen to the full episode here.