The catastrophe bond and related insurance-linked securities (ILS) marketplace broke numerous records in 2025, as a huge 122 transactions brought a record $25.6 billion of new issuance to market, supported by 15 new market entrants, according to the latest Artemis report.
The Artemis Q4 and full-year 2025 catastrophe bond and related ILS market report is now available to download for free. It dissects a truly remarkable year for the space, with issuance surpassing $20 billion for the first time, expanding on the previous high of $17.7 billion by an impressive 45%.
As tracked by the Artemis Deal Directory, in 2025, issuance came from a record 122 transactions across rule 144A and privately placed deals, with 15 sponsors entering the market for the first time, which is also a record.
Q4 2025 issuance, which exceeded $7 billion, is also a record for the final quarter of the year, and is actually the fifth largest quarter in the market’s history, driven by monthly issuance records in both November and December.
Quarterly cat bond issuance was driven by over $6.4 billion of Rule 144A property catastrophe bonds, which pushed full year 2025 issuance for these types of deals to a record $23.9 billion. Further, 2025 is also a record year for total 144A issuance, so including deals covering non-cat risks such as cyber, which hit $25 billion.
It’s also impressive that despite a considerable amount of maturities in 2025, issuance was so strong that the market achieved outright growth of 24%, or $11.9 billion year-on-year, ending 2025 at a record $61.3 billion.
Download the latest Artemis cat bond market report to explore these records and numerous other metrics of Q4 and full year 2025 issuance, including perils, triggers, pricing, and more.
Download your copy of the new Q4 2025 Artemis cat bond market report here.
For details of the transactions issued in Q4 2025 and hundreds of other cat bond and related ILS transactions, visit the extensive Artemis Deal Directory.
