Resources
Industry reports, research papers, market data sources, and educational materials on catastrophe bonds
Market & Annual Reports (Strategic Analysis)
Aon Securities: ILS Annual Report – September 2025
The Gist: This is the most critical report for 2025, revealing that alternative capital reached a record $121 billion. It highlights that insurers now account for 58% of total issuance.
Why it matters: It provides a deep dive into how "repeat sponsors" use cat bonds to manage their retention layers (the "first loss").
Link: Aon Securities 2025 Annual Report (Note: Search for the "Risk Capital" section in the full PDF for indemnity data).
Artemis: Q4 & Full-Year 2025 Catastrophe Bond Market Report
The Gist: Artemis is the industry's leading data hub. Their 2025 year-end report breaks down the record-breaking $25.6 billion in issuance.
Why it matters: It specifically tracks trigger types, showing that indemnity-based deals consistently make up over 75% of the market volume.
Link: Artemis Q4 2025 Report (PDF) (The Q4 version is typically the comprehensive year-end summary).
Primers
An Introduction to Catastrophe Bonds
Franklin Templeton provides a comprehensive introduction to catastrophe bonds, exploring their role as an alternative asset class and their unique risk-return characteristics. The article covers the fundamentals of how cat bonds work and their place in diversified investment portfolios.
Read Article →
Catastrophe Bonds Primer
The Wharton Risk Management and Decision Processes Center offers an in-depth primer on catastrophe bonds, covering their mechanics, trigger types, and market evolution. This comprehensive guide explores how cat bonds transfer catastrophe risk to capital markets and examines exemplary transactions from Swiss Re, NYC MTA, and Mexico's FONDEN.
Read Primer →Regulatory & Legal Resources
Regulatory Bodies
Key regulatory organizations overseeing the ILS market:
- Bermuda Monetary Authority (BMA) - Primary regulator for many ILS structures
- Cayman Islands Monetary Authority (CIMA) - Regulates ILS vehicles in Cayman
- U.S. Securities and Exchange Commission (SEC) - Regulates U.S. cat bond offerings
Legal Documentation
Understanding cat bond structures requires familiarity with:
- Offering memorandums and prospectuses
- Special Purpose Vehicle (SPV) documentation
- Trigger mechanism specifications
- Collateral trust agreements
Note: These documents are typically available through SEC filings or directly from issuers for qualified institutional investors.
Catastrophe Modeling
Modeling Firms
Leading catastrophe modeling companies that provide risk assessment for cat bonds:
- RMS (Risk Management Solutions) - Catastrophe risk models and analytics
- AIR Worldwide (Verisk) - Catastrophe modeling and risk assessment
- CoreLogic - Property risk analytics and modeling
These firms provide the underlying models used in many cat bond trigger mechanisms and risk assessments.
Educational Resources
Professional Organizations
Organizations offering education and networking opportunities:
- Insurance-Linked Securities Association (ILSA) - Industry association for ILS professionals
- Casualty Actuarial Society (CAS) - Educational resources on catastrophe risk
- Society of Actuaries (SOA) - Professional development and research
Conferences & Events
Annual conferences focused on ILS and catastrophe bonds:
- ILS Bermuda - Annual conference in Bermuda
- RIMS Annual Conference - Risk management and ILS sessions
- Monte Carlo Reinsurance Rendezvous - ILS market discussions
Data Providers
Market Intelligence
Sources for cat bond market data and analytics:
- Bloomberg Terminal - Cat bond pricing and market data
- Thomson Reuters - Financial data and analytics
- Artemis Deal Directory - Comprehensive database of cat bond transactions
Disclaimer
The resources listed above are provided for informational purposes only. This list does not constitute an endorsement of any organization, product, or service. Links to external websites are provided for convenience only, and we are not responsible for their content or accuracy.
Always verify information independently and consult with qualified professionals before making investment decisions. Market conditions and regulations change frequently, and information may become outdated.