weather risk

VivoPower, a sustainable energy solutions organisation, and KWeather, a climate risk management solutions company, have signed an exclusive heads of agreement deal that will see both firms collaborate to build the world’s first WeatherCoin, a weather derivative token for climate risk management.

Technology advancements promise to transform modelling and analysis of weather and natural catastrophe perils and Planette, a company focused on long-range weather prediction technology, is aiming to provide more accurate forecasts and detect severe weather events weeks to six months in advance using its QubitCast system.

Parameter Climate, the parametric climate and weather risk transfer focused underwriter and advisor, has announced the formation and launch of a Bermuda-based transformer vehicle named Parameter Capital Bermuda Ltd, as the company looks to broaden access to its deals and syndicate parametric risk to non-traditional capital.

Skyline Partners, a full-service provider in the parametric insurance supply chain, and global reinsurer Munich Re have revealed that a partial claim under a parametric insurance policy triggered by Hurricane Beryl has been paid out to the Jamaican Co-operative Credit Union League (JCCUL).

BGC Group, Inc., the global brokerage and financial technology company, has added a new hire to its weather derivatives trading desk, taking Leah Loguidice from Arbol for a weather derivatives origination and structuring role.

Having recorded a lower benefit from its weather derivatives for the last contract year, US energy company Star Group (formerly Star Gas Partners) has lifted the top-end of its protection from the weather hedges for its fiscal year 2025.

The Chicago Mercantile Exchange (CME Group) has expanded its range of weather risk transfer products, with the recent launch of seasonal strip weather futures and options contracts.

Analysis from Bloomberg Intelligence suggests participants in the insurance and reinsurance industry should be seriously considering how they protect themselves against the risks of losses from major solar storms, with the peril having the potential to be as costly as major hurricanes.

International specialty insurance and reinsurance group Chaucer has announced its entry into the parametric weather risk transfer space, with the launch of a cover for weather-driven non-damage business interruption.

The National Commodity and Derivatives Exchange (NCDEX) of India is working on the construction of a suite of weather indices to facilitate the trading of weather futures, after the central government recently added weather to its approved derivatives list.