Emergence of Weather Derivatives and Insurance-Linked Securities (1997-2015)

1. Early catastrophe derivatives tested at Chicago Board of Trade

   Jan 1, 1992Labels: Chicago Board, PCS index

   • ScienceDirect
   • Cat Bond Wiki

2. USAA issues Residential Re catastrophe bond

   Jan 1, 1997Labels: USAA, Residential Re

   • BusinessIns
   • Chicago Fed

3. Weather risk market begins with index-based transactions

   Jan 1, 1997Labels: Willis, Enron

   • WRMA History

4. Weather Risk Management Association forms to support market standards

   Jan 1, 1999Labels: WRMA, Weather Risk

   • Cause IQ
   • AMS Abstract

5. CME launches first exchange-traded weather futures

   Sep 22, 1999Labels: CME, Heating Degree

   • Mondo Visione

6. CBOT/PCS catastrophe derivatives program ends

   Jan 1, 2000Labels: CBOT, PCS index

   • ScienceDirect

7. Swiss Re launches Vita Capital I mortality bond

   Jan 1, 2003Labels: Swiss Re, Vita Capital

   • PMC Review
   • ProQuest

8. ISDA publishes expanded commodity definitions including weather

   Jun 30, 2005Labels: ISDA, Commodity Definitions

   • ISDA

9. Hurricane Katrina accelerates catastrophe bond market growth

   Aug 29, 2005Labels: Hurricane Katrina, reinsurance market

   • Chicago Fed

10. CME launches hurricane index futures and options

    Mar 12, 2007Labels: CME, CME-Carvill Index

    • CME Release

11. Swiss Re launches first cat bond total return indices

    Jun 1, 2007Labels: Swiss Re, cat bond

    • Swiss Re
    • Bermuda Re

12. CME delists most non-temperature weather contracts

    Oct 20, 2014Labels: CME, non-temperature contracts

    • CME Advisory
    • Investopedia

13. ILS recognized as a mid-1990s market convergence outcome

    Jan 1, 2015Labels: Insurance-Linked Securities, ILS

    • FINRA
    • NAIC