Has anyone looked into catastrophic event bond fund ("CAT funds") ETFs as a portion of a dividend strategy?

These seem relatively new in terms of regulated securities overall, and now making their way into ETFs. Heard about them on a recent Planet Money podcast, and it piqued my curiosity.

In a nutshell, it's basically disaster insurance. If no disasters happen, the premiums are collected and never returned to the insured. If disaster does happen - and there are very specific definitions on that - the bond pays out.

They seem like they are an interesting way to get some returns, perhaps as a part of a balanced dividend portfolio. *And* \- one of the real selling points is that it is largely disconnected from any other real market. It's just mother nature, and accounting for risk appropriately. If the global stock market breaks down, or gold, or bonds, or housing, or whatever ... those things often tug and pull at other investment sectors as well. But the # of hurricanes that will hit the Caribbean this year has nothing to do with whether we're in an AI bubble or not, how lopsided the S&P is to the Mag7, etc.

Symbol: ILS