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While Covid 19 was certainly a "Catastrophe", the market for pandemic insurance in 2020 was minuscule and to my knowledge did not cause any insurer solvency issues. There were a few cases of insurers being instructed to pay out significant claims by the courts on Business Interruption losses which the insurers argued were not covered due to existing policy exclusion.

Product development is usually highly specialized as there are a lot of nuances and frictions within the insurance industry that outsiders may not fully understand. It helps also to be in the industry and have the network with insurers, reinsurers, brokers, etc. This is not at all to suggest there isn't room for clever people to bring innovation to the market though!

Book recs are hard to specify for CAT bonds but for insurance in general:

Against the Gods: The Remarkable Story of Risk - Peter L. Bernstein

The Black Swan - Nassim Nicholas Taleb

On the Brink: How a Crisis Transformed Lloyd's of London - Andrew Duguid

The last one is a personal favourite of mine