Record CAT bond issuance boosts ILS capacity and reshapes pricing landscape

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      <subfield code="a">The article explains how record issuance of 144A catastrophe bonds has significantly boosted insurance-linked securities (ILS) capacity and reshaped the pricing landscape in 2025. ILS market performance improved compared to 2024, and mid-year reinsurance pricing was favorable for cedents due to increased competition among providers. The global catastrophe rate index dropped by 8.1% through July 2025, with further reductions expected in June renewals. Pricing pressure was consistent across layers, with greater reductions at higher layers and slight increases at lower layers due to factors like hurricane activity and the ongoing depopulation of Citizens Property Insurance</subfield>
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