Climate change gets a lot of attention: warmer temperatures, melting icecaps, rising oceans. What doesn’t get as much attention is whether – or when – these trends will impact catastrophe reinsurance contracts and related securities. Will hurricanes be more frequent? Will they be more severe? Or both? Will insurance losses be greater? Has the changing climate reached a tipping point? Should investors in the Cat Market continue to invest? This paper provides some needed context for investors.