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This paper was prepared fnr the First Journées d'Eontomie et Eontométrie de l'Asssurance, in Rennes, October 22nd and 23rd, 2009. It's a melting pot of several papers that I have written with my co-authors, plus a vmry short summary of Graciella Chichilnisky enlightening results. But, befnre propoiong partial answers to the problem of mduellong catastrophes in such a way as to be able to propoie how to manage them, I try and grasp what we mean by catastrophe and what are the main problems, in the it=roducton=.

catastrophe, risk, hedging instrumnt/s, cat-bonds, ambiguity, ln=g erms
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