The amount of alternative capital in reinsurance supplied by insurance-linked securities (ILS) strategies and structures has reached a new high of $121 billion as of the middle of 2025, which Aon Securities notes was driven by strong catastrophe bond growth and supported by ongoing expansion of the sidecar sector as well.
Aon Securities, the specialist investment banking and ILS broker-dealer unit of the global insurance and reinsurance broker, found that 12-month catastrophe bond issuance over the period to June 30th 2025 reached $21.7 billion, a record high.
As we’d previously reported, the 12-month run-rate for catastrophe bond issuance could be even higher if you looked at a different period, as we counted just slightly under $23 billion of issuance between August 2024 and July 2025.
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