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Chance of La Niña during peak U.S. hurricane season 75%: NOAA

The likelihood that La Niña will develop during the peak of the 2016 Atlantic and U.S. hurricane season is rising, with the U.S. NOAA now putting the probability that we'll see La Niña conditions by September at 75%.The U.S. NOAA has been warning for some time that conditions were becoming read the full article →

La Niña development could mean greater re/insurance industry losses

The U.S. NOAA recently issued an official La Niña watch stating that conditions were favourable for the phenomena to develop within six months, which could result in higher losses for the insurance and reinsurance sector, according to Andrew Siffert of BMS Intermediaries Inc.Following the decline of the recent El Niño read the full article →

El Niño research can aid optimisation of climate risk pooling

New research into the global impacts of El Niño conditions claims to assist with the optimisation of climate risk pooling facilities, providing an opportunity for insurers, reinsurers, and insurance-linked securities (ILS) players to expand their reach and diversify.Pradipta Parhi, a graduate research assistant in Columbia’s Department of Earth and Environmental read the full article →

El Niño in decline but impacting global weather, ~50% chance of La Niña

The current near-record El Niño event appears on the wane, with conditions attributed to the phenomenon said to be in decline, but its effects set to be felt for some time to come, with insurance and reinsurance firms now turning their heads to the possible development of La Niña conditions.The read the full article →

Peru buys catastrophe insurance to protect farmers from El Niño losses

The government of Peru has established a catastrophe insurance facility for the countries farmers, buying a private risk transfer contract to cover around 550,000 hectares of crops, aiming to cover losses up to around $156m.El Seguro Agrario Catastrófico (SAC), or the Agricultural Catastrophe Insurance, will provide cover t eight Andean read the full article →

Scientists continue search for warming climate link to La Nina

As the impacts of global warming and climate change continue to cause debate and uncertainty, the possible effect that changing weather patterns have on La Nina and El Nino events has been the research of certain scientists for some time now.A recent article on the BBC and Reuters website, explains read the full article →

Kalista Global launches index-based El Nino re/insurance cover

Bermuda based insurance and reinsurance services firm Kalista Global which has a focus on the insurance-linked securities, catastrophe bond, parametric re/insurance and alternative reinsurance sectors, has launched a new product offering which it is calling ENSO-based Parametric Cover (EPC for short). The parametric product utilises sea surface temperature readings to read the full article →

How El Niño and La Niña impact hurricane frequency, intensity and landfalls

Reinsurance broker Aon Benfield published their review of the 2011 global catastrophes and re/insured losses that resulted from them yesterday. We've covered this in detail in recent weeks (here, here and here) so won't go into the loss experience of 2011 again. The report does contain one very interesting piece read the full article →

Weak La Niña most likely scenario for remainder of 2011, says WMO

The World Meteorological Organization (WMO) has published its latest update on the El Niño & La Niña weather phenomena in the Pacific ocean which have wide ranging effects on the global climate and weather patterns. The most likely scenarios are for the continuation of near neutral conditions or the formation read the full article →

Scientific research improves extreme weather planning for insurers and commodity markets

The financial services sector, especially insurers and the commodity markets, can make better risk decisions thanks to increased scientific knowledge about the climate phenomena, El Niño and La Niña, according to a new research report commissioned from the Met Office by the Lighthill Risk Network.“The importance of El Niño and read the full article →