weather insurance

Farmers in Kenya are set to benefit from the launch of a new innovative, index insurance scheme which utilises advanced technology and satellite data to assist agricultural workers in the face of flooding and drought conditions.

Three Argentinian enterprises have joined forces to develop climate index futures to help agricultural producers to better protect themselves against the impacts of severe or inclement weather, with drought the first targeted product launch.

Some weather derivative contracts have been impacted by the unusually warm winter conditions seen in the fourth-quarter of 2015 and which have continued into this year, with January 2016 seeing more temperature records broken.

Endurance Global Weather, a weather hedging and weather risk management focused unit of Bermudian specialty P&C insurance and reinsurance firm Endurance Specialty Holdings Ltd., has completed a multi-year wind hedge transaction with Meridian Energy Australia.

Canadian province Manitoba has established a task force to explore the use of catastrophe insurance solutions in light of a rise in adverse weather events negatively impacting its agricultural sector, according to a recently published report.

According to China’s government Ministry of Civil Affairs, natural catastrophes and severe weather events cost the country a huge $41 billion of economic losses in 2015, a number that is far above the total covered by insurance and reinsurance.

Specialist London headquartered insurance and reinsurance company Beazley has launched a new product for the Australian market called Weather Guard, which offers businesses a way to acquire protection against specific weather exposures.

Renewable energy focused underwriting specialists, GCube Underwriting Ltd. (GCube), has launched a new weather risk transfer product for the wind and hydroelectric energy sectors, an area that increasingly reinsurance and insurance-linked securities (ILS) players seek to tap into.

Once again the discussion of exchange-traded weather risk management products for Indian farms, companies and insurers has come to the fore, but this time the plan is for a product to be launched after September of this year.

Swiss Re Corporate Solutions, a division of the global reinsurance firm, has provided Infigen Energy with a pioneering wind farm hedge, protecting it across areas of Southern Australia, New South Wales and Western Australia from low-wind weather cycles.