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2015 ILS issuance down at $6.9 billion


The insurance-linked securities market saw $6.9 billion in new issuance during 2015, down from the $8.0 billion in 2014, and ended the year with $24.0 billion on risk, according to a new report from Swiss Re, the company said in a statement Thursday.

It was the first decline in annual issuance in four years, said the report.

“Due to slackening momentum in the second half of the year, 2015 was the first year since 2011 that new issuances were less than that of the previous year,” said Swiss Re in its report

The report “Insurance Linked Securities Market Update, Volume XXIV, January 2016,” also notes that 2015 saw a record $6.9 billion in maturities.

“Total issuance was approximately $100 million less than total maturities in 2015 leading to the market size remaining nearly flat at $24.0 billion,” said the Swiss Re report.

The report goes on to note close to $4 billion of scheduled maturities in the first half of 2016, potentially deflating the market a bit.

“Though we do anticipate a healthy pipeline of new deals to come in [first-half] 2016, it would be fair to wonder if there will be some contraction in the size of the overall market by the mid-point of this year (similar to what was experienced in 2015) as the trend of large maturities will continue,” says the report.

On Wednesday, Aon Benfield Securities issued its own market update noting similar figures and forecasting $6 billion to $7 billion in issuance for 2016.

On Tuesday, Willis Towers Watson issued a report saying that 2016 could see an increase in issuance closer to $7 billion, jibing with the Aon forecast.