The value of catastrophe bonds and ILS issued this year stood at a record $10.64 billion up to the end of last month.

While the third quarter failed to reach $1 billion of issued cat bonds and ILS for only the second time in five years, the addition of $873.7 million of risk capital was almost $108 million above the ten-year average for the quarter.

The figures are included in the latest catastrophe bond and ILS market report by alternative risk transfer website Artemis.bm.

The outstanding market of cat bonds and ILS issuance hit a new end-of-quarter high of $29.87 billion.

There were six deals in the third quarter, and the World Bank featured in a $320 million deal that is the first to benefit the Pandemic Emergency Financing Facility. This is a parametric deal that is triggered by World Health Organsiation reported deaths and cases of pandemic flu.