Weather risk management and weather derivatives trading news

Meteo Protect, the weather index insurance specialist, has received Coverholder status from the Lloyd’s of London insurance and reinsurance marketplace, enabling it to access, underwrite and issue policies for Lloyd’s syndicates.

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.

The Agricultural Association of Young Farmers (ASAJA-JAEN), a Spanish olive growers’ cooperative, has announced that 100% of its members that subscribed to a parametric insurance scheme through a deal with Meteo Protect, have received compensation after regional temperature highs.

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.

International renewable energy and weather risk underwriting specialist GCube has expanded its team with the addition of two new underwriters in its London office, as it looks to continue its expansion.

The G20 group of nations, also known as the Group of Twenty and an international forum for government leaders and central bankers from 20 major economies, have been urged to seriously look at the role of climate insurance and risk transfer in helping to increase resilience to climatic events at their meetings in Hamburg this […]

In response to more unpredictable outbreaks of adverse weather events and conditions in Korea, the Korea Meteorological Administration (KMA) has called on the Korea Insurance Development Institute (KIDI) to expand the use of weather hedging and insurance, an area that insurance-linked securities (ILS) funds are prominent.

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.

Global reinsurance firm Swiss Re has identified a number of opportunities in the renewable energy production arena where demand for risk transfer is likely to increase considerably and parametric or index triggers are eminently suitable, an opportunity the ILS market is also targeting.

The weather risk transfer space remains in its infancy but conditions are similar to that seen in the catastrophe market pre-2005, suggesting ample opportunity for innovation and expansion, according to Richard Oduntan, a Portfolio Manager at Nephila Capital, the world’s largest reinsurance-linked investment manager.