Felt like the article ended before a thesis statement.

> She is the author of “Investable! When Pandemic Risk Meets Speculative Finance – A Cautionary Tale,” from which this article is adapted.

So I think structurally, the conclusion here is that 'cat bonds are an example of how insurers can work with abstract risks, and so any risk (such as global pandemic) could be worked with this way', and the rest of the book then examines how people are trying to actually do so with pandemic risk.

Read the book, it’s in there.

But as traditional insurance, not cat bonds.

I mean eventually once you proceed down the financial tree you get reinsurance linked securities. It's been this way for decades. It nothing new.

Indeed. Simplified:

Insured->Broker->Insurer->ReinsuranceBroker->Reinsurer

Here, where you see reinsurer, instead may be: ILS fund Cat Bond