Climate Risk and the Weather Market

Financial Risk Management with Weather Hedges

Publication Date	July 2002
Publisher	Risk Books
Product Type	Book
Pages	325
ISBN Number	1899332529
Product Code	RIS00296

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Summary

Introduces the non-specialist reader to the essentials of weather risk transfer including the market, instruments and insurance and derivative strategies currently employed by those in the industry regarding weather and climate forecasting, climate variability and data cleaning and enhancement
You will discover the numerous ways in which the weather affects business and quickly learn how to apply this knowledge to protect your interests
You will also appreciate the increasing importance of this expanding field that is fuelled by the ongoing growth in the range and diversity of available weather-indexed insurance and derivatives
Advanced readers will benefit from the more complex issues presented including building weather derivative pricing and risk models, managing derivative portfolios, forecasting and measuring weather risk, weather note securitisation and weather risk management in developing countries

Content

List of Panels
List of Contributors
Preface
Elements of the Weather Risk Market
- 1. Introduction to The Weather Market: Dawn to Mid-Morning
  - Robert S. Dischel of Weather Market Observer, LLC
- 2. Financial Weather Contracts and Their Application in Risk Management
  - Robert S. Dischel of Weather Market Observer, LLC and Pauline Barrieu of Universit de Paris VI and Doctorate HEC, France
- 3. Hedging Precipitation Risk
  - Thomas Ruck of Entergy-Koch Trading, LP
- 4. Weather and Climate - Measurements and Variability
  - Steve Smith of ACE Tempest Reinsurance Ltd
- 5. Weather Data: Cleaning and Enhancement
  - Auguste C. Boissonnade of Risk Management Solutions and Lawrence J. Heitkemper and David Whitehead of Earth Satellite Corp
Climate Forecasts, Managing Variations, and Derivative Prices
- 6. The Nature of Climate Uncertainty and Considerations for Weather Risk Managers
  - Mark Gibbas of Applied Insurance Research, Inc.
- 7. Weather and Climate Forecasting
  - Mark S. Roulston of the University of Oxford and Leonard A. Smith of the University of Oxford and London School of Economics
- 8. Weather Derivative Modelling and Valuation: A Statistical Perspective
  - Anders Brix, Stephen Jewson and Christine Ziehmann of Risk Management Solutions
- 9. The Accuracy and Value of Operational Seasonal Weather Forecasts in The Weather Risk Market
  - Jeffrey A. Shorter, Todd M. Crawford and Robert J. Boucher of WSI Energycast Trader
- 10. Use of Meteorological Forecasts in Weather Derivative Pricing
  - Stephen Jewson, Christine Ziehmann and Anders Brix of Risk Management Solutions
- 11. The Weather in Weather Risk
  - John A. Dutton of Weather Ventures
Investor Issues
- 12. Weather Risk Management in the Alternative Risk Transfer Market
  - Julian Roberts of AON Capital Markets Ltd
- 13. Weather Note Securitisation
  - Frank Caifa of Swiss Re
- 14. Managing a Portfolio of Weather Derivatives
  - Lixin Zeng of Willis Re Inc. and Kevin D. Perry of the University of Utah
Experience in Application
- 15. A Case Study of Heating Oil Partners' Weather Hedging Experience
  - Paul J. Forrest of Heating Oil Partners
- 16. Weather Indexes for Developing Countries
  - Panos Varangis of World Bank, Jerry R. Skees of the University of Kentucky and Barry J. Barnett of the University of Georgia
- 17. Weather Risk Management for Agriculture and Agri-Business in Developing Countries
  - Ulrich Hess of IFC, Kaspar Richter of World Bank and Andrea Stoppa of Procom Agr, Rome
- 18. Speculations on the Weather Market
  - Ulrich Hess, Kaspar Richter and Andrea Stoppa
  - Panos Varangis, Jerry R. Skees and Barry J. Barnett
  - J. Scott Mathews
  - Robert S. Dischel
  - Stephen Jewson
  - Julian Roberts