Weather risk management and weather derivatives trading news

Things are hotting up in the weather risk management and parametric risk transfer technology space and Arbol, a smart contract, parametric risk transfer and weather insurance marketplace technology provider is one of the companies leading the charge.

As climate change becomes a topic of increasing focus and with regulations poised to get tighter, the ability to customise parametric insurance solutions suggests that going forward, the product set is going to expand, according to industry experts.

Hillridge Technology Pty Ltd, an Australian software technology company that aims to help users address the climate protection gap, has launched a weather index insurance platform with the support of Mitsui Sumitomo Insurance and Victor Insurance Australia, a subsidiary of Marsh.

Interest in parametric risk transfer and insurance is on the rise as the immediacy and availability of data improves and new types of market participants enter the fray, suggesting growth is on the horizon, according to industry experts.

The Weather Risk Management Association (WRMA) and Artemis have partnered to host a live webcast on April 29th 2021 to discuss the role of parametric solutions in supporting climate resilience. The event will feature senior leaders from across the weather risk management and re/insurance space.

Speedwell Group, a long-time specialist service provider to the weather risk management and parametric risk transfer market, has formalised its tropical cyclone risk related settlement services, providing further options for those looking to structure cat-in-a-box or similar parametric wind insurance, reinsurance or swap deals.

Arbol, the provider of marketplace technology supporting parametric risk transfer and weather insurance, utilising smart contracts, has made a key hire, bringing onboard Hong Guo from GC Securities as its Chief Insurance Officer.

Arbol, the provider of marketplace technology supporting parametric risk transfer or weather insurance and that utilises smart contracts, has provided the backing for a new crop yield cover whose parametric triggers are based on the throughput measured by machinery sensors.

A new parametric crop-yield risk transfer solution has been launched by Praedictus Climate Solutions in partnership with The Speedwell Group.

Quality and availability of data is seen as vitally important by insurance and reinsurance market players interested in covering drought related risks, as they seek to reduce basis risk in offerings, a survey from VanderSat has found.