Over the last year and through the record-levels of issuance in 2026 so far, the catastrophe bond market’s outstanding exposure has shifted further towards indemnity triggers and per-occurrence coverage, as preference for these types of deals continues to rise, both on the sponsor and investor side.
Using Artemis’ extensive catastrophe bond database, we can visualise this shift towards indemnity reinsurance protection and away from aggregate reinsurance and retrocessional risks in cat bond form.
While catastrophe bond issuance has been increasing rapidly in recent years, the triggers used for cat bonds have moved towards a clear preference for indemnity protection.
In fact, for 2026 so far almost 78% of cat bond limit issued and tracked by Artemis features an indemnity trigger.
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