Catastrophe bonds and ILS average multiple by year

This chart shows the average multiple of catastrophe bond and insurance-linked securities (ILS) deals issued by year using data taken from The Artemis Catastrophe Bond & Insurance-Linked Securities Deal Directory. The multiple of expected loss to coupon pricing provides a measure of the riskiness of a cat bond or ILS transaction, so how many times the initial modelled expected loss are investors receiving in terms of coupon. Note, this is the straight average, not weighted by size of issue.
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The data to create this chart is taken from the Artemis Deal Directory so is largely based on Rule 144A property catastrophe bonds, but does include some private catastrophe bond transactions, as well as any specialty, life, mortality or longevity deals we have tracked. Every effort has been made to accurately reflect the size of the catastrophe bond market and the amount of risk capital outstanding by coverage type.