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Harneys and droppRWA Plan Blockchain-Recorded Catastrophe Bond Issuance

03/09 16:43

Law firm Harneys and tokenization platform droppRWA plan to issue the first catastrophe bond with ownership recorded directly on a blockchain, with the first trading target set for early 2027. According to ChainCatcher, the structure would make the blockchain a legally enforceable ownership record, while investor registration, eligibility checks, and payment processes would all run on the same system, potentially cutting reconciliation time from days to seconds if required regulatory approvals are obtained. The catastrophe bond market is valued at $65.6 billion and is used by insurers, reinsurers, and government agencies to transfer natural disaster exposure to capital markets investors. According to ChainCatcher, the tokenized asset market has nearly tripled over the past year to more than $33 billion, and Citi expects the sector to reach $5.5 trillion by 2030. The second quarter of 2026 was the largest quarter in catastrophe bond issuance history, with 48 deals totaling $11.3 billion, while the Bermuda Stock Exchange handled 93% of global catastrophe bond issuance in 2025. To lower the entry threshold, investors would not buy the catastrophe bond notes directly, which typically have a minimum denomination of $250,000. Instead, they would buy beneficial interests in a vehicle that holds the bonds and passes through returns, with the minimum investment potentially falling to $5,000. The project still requires applicable regulatory approvals, and any platform administrator role must be licensed under Bermuda's Digital Asset Business Act 2018.

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