The article explores how insurance and reinsurance policies can be optimized for catastrophes and cataclysms. For catastrophes, the type of reinsurance needed depends on the information available about the risk. If the probability of a loss is private but the magnitude is public, a deductible-style excess-of-loss policy is best. If the probability is common knowledge, the primary insurer should handle moderate risks. Cataclysms, like major earthquakes, require reinsurance in broad markets or by the government due to their immense impact. Risk levels for cataclysms change over time, affecting long-term loss patterns and premiums. Premium risk is a significant part of overall risk that current insurance markets do not adequately address.