weather insurance

Reinsurance giant Swiss Re has teamed up with Chinese firm China Pacific Insurance (CPI), to introduce a temperature-index insurance scheme to protect the $73 million hairy crab industry.

The World Bank has completed a $450 million weather and oil price insurance transaction for a Uruguayan state-owned hydro-electric power company, with the risk being offset with reinsurance by Allianz, through its partnership with Nephila Capital, and Swiss Re.

The annual economic costs from routine weather variance or weather volatility can far exceed the costs caused by natural catastrophes, according to a report showing the importance of weather risk management from insurer Allianz Global Corporate & Specialty SE.

CelsiusPro AG, the Swiss-based specialist in structuring and originating weather derivatives and weather risk management products, has announced that ex-Swiss Re CEO Stefan Lippe and UBS banker Jürg Haller have joined the CelsiusPro board of directors.

A technology focused weather insurance firm that Artemis first covered in 2008 has been purchased by agricultural giant Monsanto for around $1 billion. The Climate Corporation, formerly Weatherbill, has grown from an online weather insurance provider into a major player in crop insurance.

eWeatherRisk, a specialist provider of weather risk transfer and weather hedging solutions to U.S. companies, is to partner with The Andersons, a diversified agricultural business, to expand the weather risk management market in the U.S. and increase its volume of weather risk transfer solutions in North America.

Bermuda based global insurance and reinsurance group AXIS Capital Holdings Ltd. has been busy launching new initiatives in recent days. First it announced the launch of its third-party capital and capital markets initiative last week and now this week it has announced a new Weather and Commodity Markets unit.

Nicholas Ernst, a high-profile figure in the weather risk management market, is joining Choice Natural Gas, a subsidiary of independent interdealer broker OTC Global Holdings, as its new Director of Weather Markets. Ernst spent ten years at weather broking focused Evolution Markets during which period he also served some time on the Weather Risk Management […]

Reinsurance broker Aon Benfield has published a report which delivers a timely reminder to the insurance and reinsurance industry that the potential losses from a major space weather event could cause massive economic and insured losses and the re/insurance industry needs to consider its preparation and response. Solar storm and geomagnetic activity is forecast to […]

Here’s a piece of news that we didn’t hear about in 2012, the two Cumulus Funds which were owned and operated by investment firm PCE Investors in London, have been bought and ownership transferred to London-based investment firm City Financial Investment Company back in October. The funds offer investors a weather risk investment opportunity, with […]