ILS Annual Report 2024

Insurers and organizations are increasingly diversifying sources of (re)insurance capacity.
Key Findings

Driven by record cat bond issuance and growth of sidecars, alternative reinsurance capital grew to a record $110 billion
Quarterly issuance records in three of the past four quarters resulted in nearly 18% growth of outstanding catastrophe bond volume, which reached $45.6 billion as of June 30, 2024
New issuance came from all corners of the market, with primary insurers seeing the greatest opportunity relative to traditional reinsurance: 36 primary insurers brought deals to market over the past twelve months
Increased market diversity across risk types and geography, including the introduction of 144A cyber cat bonds, a new frontier in alternative risk transfer

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