Markets

The global catastrophe bond (cat bond) and insurance-linked securities (ILS) market is on track for its second-largest first-half issuance on record in 2026, driven by sustained demand for property catastrophe capacity, growing investor appetite for insurance risk, and favourable conditions at the June 1 mid-year reinsurance renewals. Over $3.2 billion in Florida-focused cat bonds alone were issued for 12 sponsors in the first five months of 2026, including three first-time cat bond issuers.