Three key dominant trends have been revealed following a record period of catastrophe bond issuance according to Richard Pennay, CEO, Aon Securities, the specialist investment banking and insurance-linked securities (ILS) broker-dealer unit of the global insurance and reinsurance broker.
In its latest ILS annual report, Aon Securities found that 12-month catastrophe bond issuance over the period to June 30th 2025 reached $21.7 billion, a record high.
However, as we’d previously reported, the 12-month run-rate for cat 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.
Moreover, the surge in catastrophe bond issuance has fueled alternative capital in reinsurance supplied by ILS strategies and structures to reach a record new high of $121 billion by mid-2025, which Aon Securities notes was also driven by continued expansion of the sidecar sector as well.
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