weather insurance

Swiss headquartered weather index insurance and parametric risk transfer specialist CelsiusPro AG and reinsurance broker Aon Benfield have renewed their existing partnership that sees the pair working together to deliver weather risk transfer solutions to Aon clients.

International renewable energy and weather risk underwriting specialist GCube has expanded its team with the addition of two new underwriters in its London office, as it looks to continue its expansion.

In response to more unpredictable outbreaks of adverse weather events and conditions in Korea, the Korea Meteorological Administration (KMA) has called on the Korea Insurance Development Institute (KIDI) to expand the use of weather hedging and insurance, an area that insurance-linked securities (ILS) funds are prominent.

The weather risk transfer space remains in its infancy but conditions are similar to that seen in the catastrophe market pre-2005, suggesting ample opportunity for innovation and expansion, according to Richard Oduntan, a Portfolio Manager at Nephila Capital, the world’s largest reinsurance-linked investment manager.

Weather risk due to a lack of wind, or resource risk as its known in the sector, is the major threat to wind energy markets and wind farm operators, with the inability to transfer the weather risk adequately often leading to sub-par project performance, according to specialists GCube Underwriting Ltd. (GCube).

Weather risk management, risk transfer, data, pricing, broking and structuring firm Meteo Protect, has launched a new corporate headquarters in Paris to facilitate broad expansion plans across the globe.

An index-based livestock insurance program in Kenya, which was launched with the backing of the World Bank and with reinsurance from Swiss Re, has been triggered and will pay out $2 million to farmers hit by drought.

Exchange traded weather derivatives are still struggling to make headway across Europe, as demand for bourses’ contracts remains limited, suggesting a need for further sector education and innovation.

GCube Underwriting Ltd. (GCube) has underlined the significant financial impact wind speed volatility can have on wind energy stakeholders throughout the world, highlighting the potential for insurance, reinsurance, and insurance-linked securities (ILS) players to capitalise on that sector’s billion-dollar opportunity.

Japanese insurance group Mitsui Sumitomo Insurance has announced a partnership with NASA to utilise satellite data to enable it to sell weather derivative and other parametric weather insurance products more broadly around the globe.