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Catastrophe bond spreads hit all-time-high in 2023

The average spread across newly issued catastrophe bonds has now reached an all-time-high in 2023, as data recorded by Artemis now shows that both the average coupon and the average spread above expected loss of cat bonds entered in the Artemis Deal Directory this year are at record levels.

The good news for catastrophe bond and insurance-linked securities (ILS) investors is that the average expected loss of issued cat bonds has not risen, which means the average multiple-at-market of new cat bond issuance is also up considerably in 2023 so far.

Using some of our cat bond market charts and statistics, we can help you to visualise the significant moves in pricing seen and how they are playing into the much higher return potential of cat bond investments.


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