NYC: Preparing for disaster by betting against it

NYT Opinionator Georgia Levenson Keohane writes 'with extreme weather becoming routine and public resources stretched thin, governments across the world — particularly at the local (and sea) level — are taking note' of NYC's Mass Transit Authority work with its 'captive' insurer to obtain reinsurance by issuing the world’s first 'catastrophe' bond designed specifically to protect against storm surge.