Abstract
Subject The increased need for weather risk management due to global climate change. Significance As signatures on the 21st Conference of the Parties (COP21) agreement dried, 2015 turned out to be the warmest year on record. Global climate change is believed to increase the frequency of extreme weather events. Industries already suffering from high volatility of underlying commodities are seeking to address increased weather-related risks, resulting in a small but booming market for weather insurance and derivative products. Impacts The renewable energy sector will fuel growth for its own set of weather-risk products. Weather insurance instruments will become more sophisticated; customised derivatives indexed to multiple variables will become more common. Currently a niche space, albeit profitable and growing fast, it will likely attract new entrants.
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