weather insurance

With climate change concerns on the rise for businesses around the world, a new report from CME Group has noted that average trading volumes for weather derivatives are seeing a boost in interest.

Speedwell Climate, a leading provider of weather, catastrophe and climate data, indices and settlement services, has been acquired by Vaisala, a global company focused on provision of measurement instruments and intelligence for climate action.

Skyline Partners, a full-service provider in the parametric insurance supply chain, and global reinsurer Munich Re have revealed that a partial claim under a parametric insurance policy triggered by Hurricane Beryl has been paid out to the Jamaican Co-operative Credit Union League (JCCUL).

Having recorded a lower benefit from its weather derivatives for the last contract year, US energy company Star Group (formerly Star Gas Partners) has lifted the top-end of its protection from the weather hedges for its fiscal year 2025.

Analysis from Bloomberg Intelligence suggests participants in the insurance and reinsurance industry should be seriously considering how they protect themselves against the risks of losses from major solar storms, with the peril having the potential to be as costly as major hurricanes.

International specialty insurance and reinsurance group Chaucer has announced its entry into the parametric weather risk transfer space, with the launch of a cover for weather-driven non-damage business interruption.

Skyline Partners, a UK-based insurtech managing general agent (MGA) focused on parametric insurance and risk transfer has announced a partnership with satellite and space data specialists Spire Global, as it looks to bring satellite observations into the triggers for its parametric products and to expand its product offering to new lines of business.

US energy company Star Group (formerly Star Gas Partners) has benefitted from its weather derivative arrangements again in the first-quarter of 2023, recording a full recovery under the terms of the degree day contract it has in place.

London headquartered specialty insurance and reinsurance firm Beazley has teamed up with Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, to deliver a range of parametric climate and weather risk transfer products to clients.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has become the latest company to establish a collateralized insurer class of company in Bermuda, named Arbol Re Ltd.