UCITS Catastrophe Bond Funds – assets under management

UCITS cat bond funds – a growing part of the insurance-linked securities asset class

With catastrophe bond issuance particularly strong over the last few years, setting significant new records, the cat bond investment fund market has grown its capital base to support the expanding levels of activity.

As a result, the UCITS catastrophe bond fund sector has been growing fast, with some experiencing particularly rapid expansion of their cat bond assets under management.

Through 2024, growth in cat bond assets accelerated, with the group of UCITS cat bond funds reaching a new high of just over $13.8 billion by the end of December 2024, up from $10.94 billion a year earlier.

Through 2025 the pace of AUM growth accelerated meaningfully as cat bond issuance reached new highs, resulting in UCITS cat bond funds as a group reaching $17.15 billion in combined assets by the end of June 2025 and then growing further to almost $17.75 billion of combined AUM by September 30th 2025.

UCITS cat bond fund assets under management as a group have now more than doubled since the end of 2022. They have risen by almost 62% since the end of 2023 and an impressive 28% in the first three-quarters of 2025 alone.

UCITS catastrophe bond fund assets under management – By year

Our first chart displays the assets under management of UCITS catastrophe bond funds by year, with all figures cited as of year-end. In addition, the current year is updated on a quarterly basis, so this figure is accurate to the end of the quarter stated.

UCITS catastrophe bond fund assets under management – By month

Our second chart on UCITS cat bond fund AuM displays the total by month, which makes for a more granular view of UCITS catastrophe bond fund sector growth.

This by month view, also enables you to see periods where UCITS cat bond fund AuM may have dipped due to catastrophe loss activity, or because of outflows (including outflows during the early months of the COVID-19 pandemic). It also shows more clearly periods of more significant investor inflow to the UCITS cat bond fund sector.