weather risk

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.

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.

A recent study completed by the Met Office that was commissioned by the Lloyd’s of London specialist insurance and reinsurance marketplace, supports the notion that independence in re/insurers’ internal models for weather events across the globe is appropriate, suggesting no need to hike required capital levels.

Meteo Protect, a weather risk management, data, pricing, broking and structuring firm has entered into a strategic partnership with banking group BNP Paribas to offer its corporate and institutional clients weather risk transfer products.

Businesses across the globe should look to the capital markets in order to transfer basic catastrophe risks and weather risks off their balance sheets, for the benefit of both the cedent and the insurance-linked securities (ILS) space, according to ILS experts at JLT Capital Markets (JLTCM).

In the latest in our series of interviews with figures from the risk transfer and insurance-linked securities (ILS) markets, Artemis spoke with Barney Schauble, Managing Partner at specialist catastrophe and weather risk asset manager Nephila Capital.

London domiciled insurance and reinsurance company Beazley has launched Cancellation Plus in the UK, a parametric rainfall product that’s sold alongside its event cancellation product, which provides event organisers with protection against reduced revenue as a result of rainfall occurrence.

Global severe convective storm activity in July resulted in another billion dollar plus bill for insurance and reinsurance capital to pay, as severe thunderstorm, tornado, hail, rainfall and wind caused by convective activity, resulted in over $1.3 billion of insured losses worldwide.