ILS demand fuels structural innovation

In what is clearly a seller’s market, ILS issuers are finding they can dictate terms to their own advantage. The effect has been a burst of innovation including issuance in new currencies and the sale of bonds with unmodelled risks. Louie Woodall reports


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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

The future of life insurance

As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and…

Most read articles loading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here