Record CAT bond issuance boosts ILS capacity and reshapes pricing landscape

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<title>Record CAT bond issuance boosts ILS capacity and reshapes pricing landscape</title>
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<name type="personal" usage="primary" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20250003941">
<namePart>Modu, Emmanuel</namePart>
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<namePart>Tang, Wai</namePart>
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<namePart>A.M. Best Company</namePart>
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<issuance>monographic</issuance>
<place>
<placeTerm type="text">New Jersey</placeTerm>
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<publisher>A.M. Best Company Inc.</publisher>
<dateIssued>2025</dateIssued>
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<abstract displayLabel="Summary">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</abstract>
<tableOfContents displayLabel="Contents">Further rate softening at mid-year renewals -- Insured losses</tableOfContents>
<note type="statement of responsibility">Emmanual Modu, Wai Tang</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080586294">
<topic>Mercado de seguros</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20190001113">
<topic>Seguros vinculados a valores</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080538279">
<topic>Bonos</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080600204">
<topic>Catástrofes naturales</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080557591">
<topic>Competencia</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080548575">
<topic>Pérdidas</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080536404">
<topic>CAT</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080591007">
<topic>Fondo de Catástrofe</topic>
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<classification authority="">212</classification>
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<url displayLabel="electronic resource" usage="primary display">https://www3.ambest.com/ambv/sales/bwpurchase.aspx?record_code=357065&altsrc=23</url>
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<title>Best's market segment report</title>
<partNumber>August 25, 2025</partNumber>
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