The catastrophe bond market shattered a host of records in 2025 — and many expect another banner year as investors flock to what has been an often-overlooked asset class. The issuance of so-called CAT bonds ballooned to $25.6 billion in 2025, according to specialist data provider Artemis.bm, eclipsing the 2024 record of just under $17.7 billion by a whopping 45%. The issuance stemmed from 122 transactions, surpassing the previous record of 95 set in 2023, with 15 first-time sponsors seen