Catastrophe bonds are expected to hit a record issuance this year, and can rake in income over 13%.
The soaring costs of extreme weather are providing an opportunity for investors to grab yields north of 13%. Hurricane Lee is just the latest in what is expected to be an above-normal hurricane season this year. Already this year, the United States has experienced 23 confirmed weather and climate disaster events with losses exceeding $1 billion each, as of September 11, according to the National Oceanic and Atmospheric Administration .
As of Friday, more than $10 billion has been issued year to date, per Artemis. "Based on what we're seeing for the rest of the year, this could very well be our highest ever issuance," Anger said. There is just over $38 billion in outstanding cat bonds on the market right now, and she thinks it could push over $40 billion by the end of the year. How cat bonds work Cat bonds pay the issuer when a predefined disaster risk is realized, known as an attachment point.
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