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A report by U.K.-based insurance broker Willis Towers Watson P.L.C. said that the insurance-linked securities market is likely to target new classes of risk and peril beyond property catastrophe business, Artemis.bm reports. The report said that the ILS and catastrophe bond market is increasingly looking to diversify and expand its portfolio amid a rise in demand from insurers and reinsurers. The diversification could make several new insurance classes more available and affordable but could also affect the overall ILS portfolio's correlation with wider markets, the report added.