Immediately after Hurricane Katrina, reports were that catastrophe bonds for hurricanes probably would not be triggered.

Standard & Poor’s has ratings outstanding on $4.25 billion of natural peril catastrophe bonds. Of this, $1.61 billion carries an exposure to North Atlantic hurricanes, generally covering the Gulf and Eastern Seaboard states from Texas to Maine.
— Catastrophe bonds not likely to attach, S&P’s reports 8/30/2005