Catastrophe bond market records that were broken in 2025 - Artemis.bm
webThis resource covers catastrophe bond market records in 2025 and is unrelated to AI safety. It pertains to insurance-linked securities and reinsurance finance, with no relevance to AI alignment, governance, or technical safety topics.
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Summary
The article reports on record-breaking catastrophe bond market activity in 2025, including over $25.6 billion in total issuance—a 45% increase over 2024. The outstanding cat bond market reached $61.3 billion by year-end. The piece highlights growth across Rule 144A and private transactions, including cyber and terrorism-linked bonds.
Key Points
- •Total cat bond issuance in 2025 exceeded $25.6 billion, a 45% increase over the previous record of $17.7 billion set in 2024.
- •The outstanding catastrophe bond market reached a record $61.3 billion at end of 2025, up 24% from $49.5 billion at end of 2024.
- •Rule 144A property cat bond issuance hit nearly $23.9 billion, beating the 2024 record by 44%.
- •Non-natural catastrophe 144A bonds (cyber, terrorism) reached $1.1 billion, a 64% increase over 2024.
- •2025 was the busiest year in catastrophe bond and ILS market history by both deal count and dollar volume.
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Catastrophe bond market records that were broken in 2025
8th January 2026 - Author: Steve Evans
Catastrophe bond market activity in 2025 resulted in a landmark issuance year for the sector, as adoption of the cat bond as a structure for reinsurance protection and alternative asset class accelerated and expanded. Beyond the headline figures, such as 2025 being the first year to see over $20 billion of cat bond issuance, numerous other records fell.
Having published our new report that analyses fourth-quarter and full-year 2025 catastrophe bond market activity as the new year began, we thought it would be interesting to look at some of the records that fell.
This isn’t an exhaustive list, there are others. But suffice to say numerous cat bond market records fell in 2025, all reflecting the fact the cat bond product is cementing an ever more important position in the global risk transfer and reinsurance tower, while generating increasingly broad investor attention and support.
It’s important to also note, the fact so many catastrophe bond market records were broken in 2025 is testament to the hard work and effort of all of those involved in developing and delivering the cat bond pipeline of deals to investors. As well as to the professional insurance-linked security (ILS) fund managers and of course the end-investors that ultimately provide the funding to support this increasingly important reinsurance capital source.
2025 was not only a landmark year for the dollar value of cat bonds issued, but also for the number of deals that came to market.
As a result 2025 was the busiest year in catastrophe bond and insurance-linked securities market history, meaning congratulations is due to all those involved in arranging, executing on and investing in transactions.
For a detailed look at 2025 catastrophe bond market activity download our latest report here .
Below, we detail a number of the cat bond market records set in 2025, grouping them by type.
Catastrophe bond issuance records set in 2025:
Total issuance across Rule 144A and private cat bond transactions tracked by Artemis reached over $25.6 billion in 2025 . That beat the previous record of just under $17.7 billion set a year earlier in 2024 by a stunning 45%.
Break down the cat bond market into its constituent parts and the records kept falling.
Rule 144A catastrophe bond issuance across all peril classes issued in 2025 reached almost $25 billion . That beat the previous record of $17.2 billion from 2024 by another impressive 45%.
Looking only at Rule 144A property cat bonds in 2025, issuance of this type of deal reached a new high of almost $23.9 billion, beating the record set in 2024 of almost $16.6 billion by 44%.
Finally, issuance of 144A catastrophe bonds covering perils other than natural catastrophe risks, such as cyber and terrorism, reached just over $1.1 billion in 2025, a significant almost 64% uplift from the
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