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Ubimet was established in Vienna, Austria, by Dr. Michael Fassnauer and Manfred Spatzierer in September 2004 under the name Meteomedia GmbH.It began by providing weather services to institutions such as the German Press Agency, Austrian Federal Railways, [1] and Uniqa Insurance Group.
Weather cancellation insurance reduces an organization’s risk in planning an outdoor event. When a company or organization is holding a concert, running a special event, having a sale, or executing any form of outdoor activity and the weather prevents that activity from taking place, the organization risks losing whatever money that has been invested in the planning, organization, marketing ...
The company began as a startup focused on helping people and businesses manage and adapt to climate change, by providing weather insurance to ski resorts, large event venues, and farmers. In 2010, it decided to focus exclusively on agriculture, and launched the Total Weather Insurance Product in fall 2010 for corn and soybeans. [2] [3]
A wide range of capital providers make markets in weather risk. To date the weather risk management trading market is primarily made up of dedicated weather trading operations, such as Nephila Capital Ltd, Galileo Weather Risk Management Advisors LCC, Swiss Re, RenRe, and Coriolis Capital, who execute trade orders in weather or weather-contingent commodity trades, the trading desks of ...
Climate risk insurance is a type of insurance designed to mitigate the financial and other risk associated with climate change, especially phenomena like extreme weather. [ 1 ] [ 2 ] [ 3 ] The insurance is often treated as a type of insurance needed for improving the climate resilience of poor and developing communities.
This index could be total rainfall over a relevant period—which may be of relevance for a hydro-generation business—or the number where the minimum temperature falls below zero which might be relevant for a farmer protecting against frost damage. As is the case with parametric weather insurance, there is no proof of loss provision.
Parametric insurance (also called index-based insurance) is a non-traditional insurance product that offers pre-specified payouts based upon a trigger event. [1] Trigger events depend on the nature of the parametric policy and can include environmental triggers such as wind speed and rainfall measurements, business-related triggers such as foot traffic, [2] and more.
Climate information (CI) refers to the gathering and analysis of actual weather and climate observations as well as simulations of the climate for the past, the present and the future. [9] Climate information services entail the dissemination of climate data in a way that aids people and organizations in making decisions.