No new insurance-linked securities (ILS) were issued in the third quarter of the year, Willis Re figures show.

This is the worst result for the ILS market in the third quarter in six years. Last year, $1.6 billion in securities were issued in the third quarter, with $500 million in 2017, and $900 million in 2016. Only $300 million of securities were issued in 2014 in the third quarter.

There have been far fewer securities issued during the last three quarters compared to the last two years. In the second quarter, $1.7 billion of securities were issued, compared to $4 billion in 2018 and $6.2 billion in 2017. In the first quarter, only $1.1 billion of securities were issued compared to $3.1 billion in 2018 and $1.7 billion in 2017.

Willis Securities CEO Bill Dubinsky says the company expects more growth in the fourth quarter in more liquid forms of securities, and a further increase next year.