weather risk

According to Willis Towers Watson the energy industry faces a huge insurance shortfall, leaving many of the world’s largest energy companies exposed as they often find it hard to secure the level of insurance protection they really require.

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.

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.

The energy sector is increasingly vulnerable to the impacts of extreme weather events around the globe, highlighting a need for greater innovation and adoption of reinsurance & risk transfer solutions to mitigate potential losses and build sector resilience.

Speedwell Weather, a provider of weather data, forecasts, analytics, software and consultancy to the weather risk management and derivatives market, has launched a new platform which it hopes will help facilitate weather hedging for energy industry players.

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.

Speedwell Weather, a provider of weather data, analytics, forecasts, software and consultancy to the weather risk management and derivatives market, has appointed joint CEO’s as it seeks to further develop its business.

Economic losses suffered during June from the monsoon season in China led to the largest impact of the month, with almost $4 billion of impact to the Chinese economy, according to Aon Benfield’s Impact Forecasting unit.

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.

The Australian Bureau of Meteorology’s confirmed yesterday that El Niño threshold levels have been reached in the tropical Pacific ocean for the first time since March 2010 and that it foresees a “substantial” event, which will likely impact insurance and reinsurance players.