Insurance-linked securities (ILS) capital shrunk from $93bn to $91bn in the 12 months to 30 June, according to Aon’s annual report on the sector, although cat bond issuance was up by $3.5bn to $9bn. Aon says Q4 2019 and Q1 2020 booked record levels of cat bonds, with issuances worth $2.2bn and $4bn, respectively. Higher levels of activity were recorded…