A recent report from investment manager Neuberger Berman has indicated that industry index catastrophe bonds have outperformed the broader cat bond market with respect to realised losses and mark-to-market performance, following the occurrences of both hurricanes Ian and Irma.
The firm’s latest report, A Validation Study of Catastrophe Bond Losses Over Time, provides a detailed analysis of realised losses seen across the cat bond market between 2002 to 2025 versus the long-term modeled expected loss (EL), with a secondary focus on peril region exposure type.
The report also analysed the cat bond space’s mark-to-market performance following significant cat events.
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