Catastrophe bonds broke a record during the first half of the year with about $8.5 billion of new securities issued, according to a report from Swiss Re AG.

The insurance-linked securities market could end up with more than $10 billion in issuance for the full year, the reinsurer said in a report released Wednesday. The market was helped in part by older securities that matured and gave investors more money to put back to work, as well as demand from those seeking to diversify risks, according to Swiss Re’s Judy Klugman.

The performance through June of the catastrophe-bond market, which can help provide capital for risks from natural disasters like hurricanes, topped a previous half-year record of $8.4 billion of issuances in 2017. It has grown in popularity in recent years as investors hunt for unique assets. Some of the bonds issued during the first half half covered risks such as California earthquakes as well as windstorms and wildfires.

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