Catastrophe bonds and financial risk: Securing capital and rule through contingency

► Catastrophe bonds make exposures to physical and biological events fungible as financial risk. ► Catastrophe modeling facilitates the creation and exchange of assets out of contingent futures. ► Catastrophe bonds are increasingly held in the pension assets of workers and state beneficiaries. ► The logic of financial risk is also being extended to securitize the longevity of aging pensioners. ► Contingency is an increasingly important and ambivalent modality of accumulation and rule.