15
2014
2016
2017
African Union launches African Risk Capacity (ARC) to payout in the event of a drought across four countries (later joined by Sudan in 2017).
World Bank, the UN and insurance representatives form the Insurance Development Forum (IDF).
UK announces London Centre for Global Disaster Protection.
AXA and Chubb Europe both launch parametric flight delay products.
World Bank launches the Pandemic Emergency Fund, supported by Swiss Re.
2015
World Bank develops Pacific Catastrophic Risk Facility (PCRAFI), covering five small Pacific islands.
G7 launches InsuResilience initiative to deliver climate risk insurance to 400 million of the world’s poorest by 2020.
Kenya launches innovative Kenya Livestock Insurance Program with parametric triggers.
Atemis BM deal directory sets parametric triggered instruments at 5% of the total market.
Market Re, developed by Allianz, offers the first parametric instrument offsetting the risks of European warm winters. Swiss Re launches first parametric insurance programme against natural disaster risks for farmers in China. Covers Heilongjiang province against flood, excessive rain, drought and low temperatures.
Allianz provides parametric microinsurance to 45 million people across Asia, Africa and LatAm.
Metropolitan Transport Authority of NewYork issues MetroCat Re bond covering storm surges and earthquakes on a parametric basis. UK’s Financial Conduct Authority brings parametrics into its testing ‘sandbox’ and puts Floodflash, an even-based flood insurance, into development.
The Sendai Framework for Disaster Risk Reduction 2015-2030 adopted by UN Member States at the Third UNWorld Conference on Disaster Risk Reduction. September 2015 Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board (FSB) delivers speech at Lloyd’s of London - “Breaking the Tragedy of the Horizon – climate change and financial stability”.
AXA Global Parametrics launched to accelerate the development of parametric products.
UK government backs ‘Global Parametrics’, a for profit coalition aiming to provide insurance instruments for developing countries.
Philippines establishes first-of-its-kind subnational
catastrophic risk insurance program to provide 25 provinces with more than USD 100 million coverage against major typhoons.
IAIS (a global association of national insurance regulators) launches consultation on parametric insurance.
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