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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.

Further down this page we also include a cat bond multiples at issuance by quarter chart, which better shows recent pricing trends in the market.

View our full range of catastrophe bond market charts here.


Cat bond multiples by quarter

We’ve also provided catastrophe bond issuance average multiple data by quarter below, as this can more clearly show sudden changes in price and investor appetite.

The below, average cat bond multiples by quarter chart, can be more volatile through the year due to the types of cat bonds issued, in terms of perils covered.

But, when analysing the data by quarter, it also allows you to see a firming trend, in terms of rising prices which appears to have been underway since 2021.

The quarterly data suggests that the cat bond market could get back to pricing levels last seen in the early 2000’s, if multiples remain higher.

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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.

RenaissanceRe Capital Partners

Leadenhall Capital Partners LLP

GC Securities

Schroders Capital - Insurance-linked securities ILS

Wilmington Trust


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