Weather risk management and weather derivatives trading news

AXA’s specialist digital insurance and banking seed fund, AXA Seed Factory, has partnered with AXA Corporate Solutions and French climate and weather services firm Climpact-Metnext, to launch ClimateSecure, an insurance and weather-risk management platform.

Speedwell Weather, a provider of weather data, forecasts, software, analytics and consultancy to the weather risk management and derivatives market, has expanded its Speedwell Commodity Product to enhance the granularity of data available.

Extreme weather events are regarded as the second most prevalent threat to global stability in terms of likelihood, following interstate conflict with regional consequences, according to analysis by the World Economic Forum.

Speedwell Weather, a provider of weather data, forecasts, analytics, consultancy and software to the weather risk management and derivatives market, has expanded the range of data available through its SuperPack product.

Weather-index based microinsurance schemes are beginning to grow up, as the schemes which were often launched as pilot projects with backing from development banks or agencies start to target a sustainable future as viable social businesses.

The recent severe snowstorm in the Buffalo, New York state area, could cause losses at some regional property insurance writers to the extent that it hits the retention on their catastrophe reinsurance treaties, according to A.M. Best.

The trend towards greater frequency and severity of weather risk events in Europe, resulting in a higher risk of losses to insurers and reinsurers, requires an adjustment to the perception of risk as well as bespoke reinsurance solutions, Munich Re said this morning.

Nephila Capital, the largest asset manager providing investments in natural catastrophe and weather risk, has provided the risk transfer capacity for a wind variability hedge for a project aiming to be New York State’s first community owned wind farm.

Reinsurance firm Swiss Re has assisted with the development and launch of the first weather derivative backed microinsurance scheme which aims to protect smallholder farmers in Nigeria from the risk of adverse weather patterns.

A new UK-flagged coverholder, Excessweather, launched this week offering insurance and reinsurance products which pay out based on weather or catastrophe indices and parameters, aiming to capitalise on interest in climate and weather risk protection.