weather risk transfer

The African Risk Capacity (ARC), an organisation providing parametric sovereign disaster risk insurance and resilience building support to African nations, has entered into a partnership with the United Nations Economic Commission for Africa (ECA) aiming to increase uptake and coverage of climate risk insurance in the region.

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.

Speedwell Weather owned parametric weather risk transfer platform weatherXchange has launched instant indicative pricing for index-based weather insurance and derivative contracts sold on its technology platform, aiming to streamline pricing and quoting of weather hedging.

Automating the pricing process for parametric weather risk transfer or weather hedging contracts is an ambitious goal, but Speedwell Weather feels it has achieved that with the latest release of its now 15-year-old weather derivative pricing and risk management software, which it has connected to its weatherXchange platform.

AXA Global Parametrics, the unit of insurer AXA that focuses on providing clients with parametric insurance underwriting and risk transfer solutions, is to begin offering its capacity as a protection seller through the Speedwell Weather owned parametric weather risk transfer platform weatherXchange.

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).

The African Risk Capacity (ARC) and the African Development Bank (AfDB) are to collaborate to enhance Member states’ understanding of the need for and value of disaster insurance and ultimately to help expand and embed risk transfer within countries policy and development objectives.

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.

Speedwell Weather, a provider of weather data, forecasting information, analytics, software and consultancy to the weather derivatives and weather risk management market, has unveiled its awaited parametric weather risk transfer platform weatherXchange.