This overview addresses common misconceptions about Insurance-Linked Securities (ILS) and catastrophe bonds. It explains how ILS investments work through diversification across perils and regions, built-in protection via attachment levels, and science-based risk modelling. It demonstrates that despite concerns about catastrophic events wiping out returns, the asset class has historically delivered equity-like returns with significantly lower volatility. The piece includes detailed performance data showing Cat Bonds have outperformed expected losses from 2005-2025, current fund offerings with varying risk-return profiles, and analysis of how historical major catastrophic events would have impacted current portfolios. Essential reading for investors seeking to understand the risk-return characteristics and structural protections inherent in catastrophe bond investments.