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Growth of Insurance Linked Securities
Over the past 20 years, the ILS market has grown considerably, both regarding the volume of bonds issued and the total volume outstanding in the market. According to the Artemis Deal Directory, 1997 saw $785.5 million in newly issued securities and volume outstanding in the ILS market, an amount that 10 years later grew to more than $8.29 billion in new issue volume and nearly $15.88 billion in risk capital outstanding in 2007. The market saw a particular bump in issuance following the 2005 hurricane season with the sizable insurance industry losses resulting from hurricanes Katrina, Rita, Wilma, and others. New issuance in 2006 jumped to more than $4.69 billion from nearly $2.49 billion a year earlier, then jumped the following year again to the 2007 total.
More recently, new issues in 2016 provided more than $7.05 billion in new risk transfer capacity with a total outstanding market volume of nearly $26.82 billion. The ILS market continued to show robust growth in 2017. Artemis reports $8.15 billion in new issuance for the first 6 months of the year, an amount that pushed total outstanding market volume beyond $29 billion. On its own, this makes 2017's new ILS issuance volume the third largest on record behind more than $9.09 billion issued in 2014 and more than $8.29 billion issued in 2007. ILS issuance for the first half of 2017 exceeded issuance for the same period in any prior year and is approaching record first-quarter new issue volume.
As the ILS market has grown, it has evolved in both the types of risks transferred to the capital markets and in terms of how deals are structured to meet investor demand. Now, with decades of history behind it, a solid track record of performance, robust investor interest in the asset class, and continued demand for risk capital, the ILS market seems likely to continue to grow in the years ahead.
Growth of Insurance Linked Securities
Over the past 20 years, the ILS market has grown considerably, both regarding the volume of bonds issued and the total volume outstanding in the market. According to the Artemis Deal Directory, 1997 saw $785.5 million in newly issued securities and volume outstanding in the ILS market, an amount that 10 years later grew to more than $8.29 billion in new issue volume and nearly $15.88 billion in risk capital outstanding in 2007. The market saw a particular bump in issuance following the 2005 hurricane season with the sizable insurance industry losses resulting from hurricanes Katrina, Rita, Wilma, and others. New issuance in 2006 jumped to more than $4.69 billion from nearly $2.49 billion a year earlier, then jumped the following year again to the 2007 total.
More recently, new issues in 2016 provided more than $7.05 billion in new risk transfer capacity with a total outstanding market volume of nearly $26.82 billion. The ILS market continued to show robust growth in 2017. Artemis reports $8.15 billion in new issuance for the first 6 months of the year, an amount that pushed total outstanding market volume beyond $29 billion. On its own, this makes 2017's new ILS issuance volume the third largest on record behind more than $9.09 billion issued in 2014 and more than $8.29 billion issued in 2007. ILS issuance for the first half of 2017 exceeded issuance for the same period in any prior year and is approaching record first-quarter new issue volume.
As the ILS market has grown, it has evolved in both the types of risks transferred to the capital markets and in terms of how deals are structured to meet investor demand. Now, with decades of history behind it, a solid track record of performance, robust investor interest in the asset class, and continued demand for risk capital, the ILS market seems likely to continue to grow in the years ahead.
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