According to the latest data, Catastrophe Bonds, aka Cat Bonds, climbed to their highest level this year as hurricane outlooks foesaw a calmer season. As a consequence, the Swiss Re Cat Bond Price Return Index advanced 0.3 percent to 90.56 on Aug. 14, the sixth straight weekly gain, as investors bet insurers are less likely to collect on the securities. Drew Hillier weighs up whether the rise in this form of financial instrument is a case of sheltering from the storm, or banking on calamity.