This report reviews the catastrophe bond and insurance-linked securities (ILS) market at the end of the fourth-quarter of 2025, looking at new risk capital issued and the composition of transactions completed during the period, as well as reviewing full year cat bond market activity.
Our latest report explores the most active year in the sector’s history, as a record $25.6 billion of new issuance across full 144A and private transactions took the outstanding market to a record $61.3 billion at year-end. 2025 is the year all headline catastrophe bond records fell, and the first time annual issuance has exceeded $20 billion, rising by 45% year-on-year, supported by record fourth quarter issuance of over $7 billion, the fifth-largest quarter ever, from 27 transactions comprised of 45 tranches of notes.
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