Catastrophe Bond Market on Pace To Set New Issuance Record in 2024

Including deals in the pipeline for the remainder of this year, the catastrophe bond market is on pace to set a record for new issuance in 2024, according to data from the Artemis Deal Directory.

Artemis's data suggests this year will see approximately $16.54 billion in primary catastrophe bond issuance, topping the existing record of $16.45 billion set in 2023.

This year has already seen $14.6 billion in new catastrophe bond issuance, Artemis said, with another $1.93 billion in deals in the pipeline expected to close before the end of the year.

If those deals currently in the pipeline close as expected, the outstanding catastrophe market would stand at $48.32 billion at year's end, Artemis said, with outstanding market volume growing approximately $3.36 billion in 2024. This year's growth in catastrophe bond market volume is occurring despite a heavy maturity schedule for outstanding bonds in 2024, according to Artemis.

Looking ahead, Artemis said the first half of 2025 also sees a sizable volume of outstanding catastrophe bonds scheduled to mature. But, while some $10 billion in catastrophe bonds are set to mature during the first half of next year, the pace of scheduled maturities is less during the second half of 2025, suggesting catastrophe bond market volume could see further growth in the year ahead.