The catastrophe bond and related insurance-linked securities (ILS) market broke multiple records in 2025, with 122 huge transactions bringing a record $25.6 billion in new issuance to the market, supported by 15 new market entrants, according to the latest Artemis report.
Artemis’ fourth quarter and full year 2025 Cat Bond and related ILS market reports are now available for free download. It dissects a truly remarkable year for the sector, with issuances exceeding $20 billion for the first time, an impressive 45% increase from the previous high of $17.7 billion.
According to Artemis transaction catalog tracking, issuance volume across Rule 144A and private placement transactions reached a record 122 in 2025, including 15 sponsors entering the market for the first time, which is also a record.
With more than $7 billion in issuance volume in the fourth quarter of 2025, it was also the highest volume for the final quarter of the year and was actually the fifth largest quarter in market history, driven by monthly issuance records in November and December.
Quarterly catastrophe bond issuance was driven by more than $6.4 billion in Rule 144A real estate catastrophe bonds, pushing full-year issuance of such transactions in 2025 to a record $23.9 billion. Additionally, 2025 was also a record year for total 144A issuance, including transactions covering non-catastrophe risks such as cyber, reaching $25 billion.
Equally impressive is that despite the considerable number of bonds maturing in 2025, issuance was so strong that the market experienced 24% year-over-year growth, or $11.9 billion, to reach a record $61.3 billion by the end of 2025.
Download the latest Artemis Cat Bond Market Report to explore these records and numerous other metrics for Q4 and full-year 2025 issuances, including risk, triggers, pricing and more.
All of Artemis’ catastrophe bond market charts and visualizations are up-to-date and therefore include the latest quarter’s issuance data.
Download a copy of the new Artemis Cat Bond Market Report Q4 2025 here.
For detailed information on transactions in Q4 2025 issuances and hundreds of other cat bond and related ILS transactions, please visit the extensive Artemis deal directory.