Coming off a remarkable 2025, the catastrophe bond market has managed to break new records in 2026. 2025 had $18bn of catastrophe bonds issued and net issuance of more than $6bn for the same period.” “Capital in the reinsurance industry is one of the major drivers for pricing levels. “Looking at capital raised in the sector in 2025, there have been no major new entrants in the traditional industry. Furthermore, J.P. Morgan highlights that catastrophe bonds now account for around 8% of total reinsurance industry capital.