After a record 2023, the insurance-linked securities (ILS) market again set records in the first half of 2024, with strong catastrophe bond issuance on the back of robust demand from investors, as the secondary market experienced record high trading volumes, according to reinsurance giant Swiss Re.
The latest ILS Market Insights report from Swiss Re discusses the more than $12.3 billion of primary issuance across 49 cat bond transactions in the opening six months of 2024.
Strong demand from the expanding investor base coupled with an excess of capital drove the high levels of issuance, and the second quarter of 2024 actually became the highest primary issuance quarter on record.
According to Swiss Re’s figures, nine new sponsors entered the cat bond market in the first half of 2024, building on the 13 first time sponsors witnessed in 2023.
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