We are proud to have partnered with Climate Resilience for All in delivering an innovative parametric earnings protection solution that has benefited over 46,000 women. We welcome global discussions to better mitigate against and adapt to extreme heat and where we can offer our expertise in risk modelling and bespoke, pre-arranged financing mechanisms for fast response. Veronica Scotti, Chairperson, Public Sector Solutions, Swiss Re Founded in 2014, Africa Risk Capacity (ARC) is a hybrid mutual insurer that provides parametric insurance services to 33 African Union member states and farmer organizations. ARC uses innovative financing mechanisms and risk- sharing arrangements to address climate risks in Africa. Its multijurisdictional approach enables member states to share climate-related risks, reducing the burden of natural disasters on individual governments and populations. For instance, a parametric product indexed to rainfall triggers payouts approximately four weeks after a harvest to mitigate the impact of drought- induced crop loss. Additionally, participating governments must submit contingency plans, making ARC’s parametric insurance a valuable capacity-building tool for policyholders, enhancing disaster preparedness.CASE STUDY 4 Regional risk pooling in AfricaIn 2024, a first-of-its-kind solution – the Women’s Climate Shock Insurance and Livelihood programme, supported by Climate Resilience for All, SEWA and SwissRe – combined heat parametric insurance and direct cash assistance for 46,000 informal female workers facing life- threatening working conditions due to extreme heat. Triggered by specific high temperatures in three states in India, the programme included a heat early warning system and promoted financial inclusion by requiring participants to open bank accounts. This innovative framework is expanding to new geographies and exploring additional heat- mitigation solutions like cooling stations, shared water tanks and shaded workspaces.CASE STUDY 2 Women’s Climate Shock Insurance and Livelihood programme Climatological data over the past three decades paints a discernible picture – the annual mean temperature in Hong Kong has exhibited a statistical increase of 0.30°C per decade from 1994 to 2023. In response, AXA Hong Kong and Macau launched the ‘Heatwave Parametric Insurance’, the region’s first insurance product tailored for outdoor workers exposed to extreme summer heat. With a premium of HKD 19.9 (Hong Kong dollars) per person, it offers a payout of HKD 100 or an anti-heatwave kit when temperatures exceed 36.0°C for three consecutive days between August and October.41CASE STUDY 3 Extreme heat parametric insurance for exposed workers in Hong Kong Insuring Against Extreme Heat: Navigating Risks in a Warming World 14

Insuring Against Extreme Heat Navigating Risks in a Warming World 2025