The increasing frequency and severity of catastrophic events confront (re-)insurance companies with new challenges. In the context of financial risk management, catastrophe bonds are examined both empirically and theoretically as an alternative risk transfer instrument. They offer the possibility of transferring underwriting risk from the insurance markets to the capital markets and thus alleviating availability problems on the insurance markets. Additionally, literature investigates “Demand Surge” effects. These occur in the aftermath of a natural disaster, when there is increased demand for skilled reconstruction labor, which leads to significant increases in reconstruction labor wages. As a consequence, the main claimants see themselves exposed to significantly increased costs, which must be empirically quantified.