While 2025 was a quieter year for the cyber insurance-linked securities (ILS) space, S&P Global Ratings emphasised that the market still remains an effective alternative capital solution that offers insurers an effective way to transfer large-scale, systemic cyber risk to the capital markets.
In a recent report published by the rating agency, analysts acknowledge that ILS issuance for cyber had remained relatively subdued in 2025.
“Three public cyber catastrophe bonds have been issued this year, consisting of renewals by Hannover Re, Beazley, and Chubb, with no new sponsor coming to the market. Earlier sponsors, such as Axis Capital and Swiss Re, look unlikely to renew their soon-to-expire cyber ILS exposure,” S&P’s analysts explained.
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