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Backers see bonds as way for municipalities to manage risk from natural disasters as well as promote infrastructure development, such as flood barriers. (Photo: Thinkstock)

Catastrophe risk-management and modeling firm RMS, design firm re:focus partners, reinsurance giant Swiss Re and the Rockefeller Foundation announced the framework for a new financial product called a “resilience bond.”

According to these organizations, the bonds are designed to help manage the financial risk from catastrophes, while promoting investment in infrastructure that mitigates physical risk.

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