The third quarter of 2013 saw $1.4 billion of non-life catastrophe bond capacity issued through seven bonds, in comparison with $0.5 billion issued through three bonds in the third quarter of 2012, according to Willis Capital Markets & Advisory (WCMA), part of Willis Group Holdings (NYSE: WSH), the global risk advisor, insurance and reinsurance broker.
Third quarter 2013 catastrophe bond issuance was approximately three times higher than the five year average and was the highest on record since 1998, according to WCMA in its latest 'Insurance Linked Securities' (ILS) report.
Bill Dubinsky, Head of ILS at WCMA, said: "If fourth quarter issuance remains at a similar level to that of recent years it will be a record year for ILS issuance, surpassing the 2007 record. Outstanding capacity has now grown in each of the past five years, with the currently outstanding capacity of $17.3 billion, representing an all-time high."
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