SCOR Sees Q4 2026 Cat Bond Market Surging After Record $18 Billion H1
Updated
Updated · Artemis.bm · Jul 20
SCOR Sees Q4 2026 Cat Bond Market Surging After Record $18 Billion H1
1 articles · Updated · Artemis.bm · Jul 20
Summary
$18 billion of catastrophe bonds were issued in H1 2026, and SCOR Investment Partners expects a very active primary market in Q4 that could top 2025's $25 billion full-year record.
$11.33 billion of that volume came in Q2 alone, while the market is expected to slow through Q3 and likely reopen only in late September or early October, following the usual seasonal pause.
ILW demand built through Q2 and peaked around the mid-year renewals, with buyers showing strong interest in US hurricane and US earthquake protection as rates and terms stayed broadly flat.
Private US reinsurance renewals in June and July saw premium rates fall 15% to 20% year on year because capacity remained abundant, extending the rate normalization seen at the January and April renewals.
SCOR said below-average 2026 hurricane forecasts tied to strong El Niño conditions could soften cat bond spreads near term, but Q4 pricing will still hinge on actual storm losses.