Markets in everything, earthquake and tsunami bonds

In 1984, Svensk Exportkredit launched a private placement of earthquake bonds that are immediately redeemable if a major earthquake hits Japan.  Insurers in Japan bought the bonds agreeing to accept lower than normal coupons in exchange for the right to put the bonds back to the issuer at face value if an earthquake hits Japan.  This is the earliest catastrophe risk bond deal we know about.

The paper is here (pdf) and other writings on Japanese earthquake bonds are here.  There are also tsunami bonds.