ILS demand fuels structural innovation

Buyers of non-life catastrophe bonds are willing to take on increasing risk

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The mania for insurance-linked securities (ILS) shows no sign of abating. Willis Capital Markets & Advisory reports that $4.5 billion of non-life catastrophe (cat) bonds were issued in the second quarter of this year across 17 deals – the highest volume in any three-month period to date. Total outstanding cat bond volumes now hover around $23.06 billion (£14 billion).

The typical format of ILS is evolving rapidly, with the balance of power between investors and cedents tipping towards the latter

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