How Bad Bunny Used Niche Insurance to Beat Bad Weather

Bad Bunny had a problem. Days before the Puerto Rican mega-star was set to perform in Colombia earlier this year, the possibility of heavy rains threatened to turn three sold-out shows in Medellin into multimillion-dollar losses.

Solutions were few. Traditional event cancellation insurance is rarely available so close to a performance date. Even if a policy could be secured, geography posed another challenge. The nearest official weather sensor sat a mile from the open-air venue — too far, in a tropical city with steep terrain and complex microclimates, to serve as a reliable trigger for a payout.

So a transatlantic ...