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Catastrophe bond issuance hits record levels in first-half 2026
Swiss Re said $17.6 billion of new cat bond issuance in H1 2026 set a record for the period.
The catastrophe bond market maintained strong momentum in 2026, with reinsurance firm Swiss Re’s Capital Markets team citing roughly 15.5% compound annual growth since 2021 and continued record issuance during the first half of the year.
Swiss Re reported that $17.6 billion of new catastrophe bond issuance in H1 2026 set a first-half record, surpassing the prior peak from a year earlier, as the insurance-linked securities market continued to support catastrophe risk capital needs.
In its ILS market report, Swiss Re said primary issuance remained broad, with repeat sponsors returning for peak US wind, earthquake, and multiperil protection, while first-time sponsors also accessed the market for a mix of peak and diversifying risks.
Swiss Re also noted that notional cat bond limit outstanding rose to $64.8 billion at June 30, 2026, from $59.8 billion at year-end 2025, and that H1 2026 did not see major catastrophe losses hit the market.