The Insurance Futures Exchange (IFEX) has announced that it is expanding its range of event linked futures by listing two new areas on its parent the Chicago Climate Futures Exchange.
The two contracts listed are Eastern Seaboard and North East U.S. Tropical Wind, these provide a means to hedge against the less likely (but should it happen particularly devastating) event of a hurricane striking further up the east coast than normal. This gives the IFEX very good coverage around all Atlantic and Gulf Coast hurricane prone areas of the U.S.
The new contracts have the same structure and transaction details as all the other tropical wind event linked futures available on the IFEX. Payouts are based on and triggered by Property Claims Services estimates of insured losses.
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