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Swiss Re cat bond index already having best year since 2013

Reflecting the elevated spreads of catastrophe bonds, after just a few months of this year the return of the Swiss Re catastrophe bond index, perhaps the most widely used benchmark in the insurance-linked securities (ILS) space, is already at its highest level since 2013.

As we’ve reported before, catastrophe bond spreads had soared through the first-quarter of 2023, while Artemis’ data showed that cat bond spreads reached an all-time-high around the middle of March.

While the average spread above the expected loss of all cat bonds issued by that point of the year had reached a very impressive 10.47%, the moderation trend we’ve seen in cat bond pricing since, as new capital has flowed to cat bond funds, has now driven that figure down somewhat.


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