This chapter offers the perspective of an investor in non‐life insurance‐linked securities (ILS). The first section of this chapter outlines the development of a sustainable insurance‐linked investor base; the second section offers a summary of the key elements investors look at when investing in ILS; and the last section covers the evolution of the instruments and the key focus points from an investor perspective. A key investor consideration for the perceived liquidity of ILS has been the independence of the modelling agency from both the protection buyer and the arranger. The ILS sector has equipped itself with all the infrastructures needed to make it a sustainable market into which investors can confidently invest and build a strategy for the medium to the long term.