All posts tagged weather variability

France winemakers subscribe to weather insurance for the second year following extreme temperatures in Western Europe

Following freezing cold temperatures and frost across Western Europe during 2017’s critical spring growing period, Lloyds Coverholder Meteo Protect confirms a dramatic increase in France’s winemakers subscribing to parametric weather insurance in its second year offering. May 31st saw a conclusion to its spring frost risk coverage, which saw a 15 fold increase in viticulturists subscribing, and the same increase in the number of brokers in France adding the coverage to their portfolio. Continue Reading

Meteo Protect Takes Center Stage at Viva Technology 2018

 

It is billed as the world’s rendez-vous for startups and leaders, and this year did not fail to disappoint. Lloyd’s Coverholder Meteo Protect was honoured to be highlighted at the invitation of SAP France to join its open innovation Lab. Over May 24-26 in Paris, the Meteo Protect team was center stage amongst the 80,000 attendees of ViVaTech, demonstrating how its award-winning parametric weather insurance hedging and pricing platform protects businesses when the weather impacts their financial performance.  Continue Reading

Mild winter temps reduce energy consumption equivalent to 12 nuclear power plants

Whilst this month’s mild temperatures across Europe have been pleasant to many of us, they represent a very real financial risk for energy providers, who sell much less electricity and gas than during a cold year due to a reduction in use of heating appliances.  In fact, during the first 3 weeks of January, temperatures reached their highest levels since 2010, with a significant impact on energy consumption.  The average power consumption in France is more than 12GW lower than at the same period last year, or the equivalent of the production of 12 nuclear power plants! Continue Reading

Energy Companies and Portfolio Managers Risk Exposure to Winter Volumetric and Price Risks

This past summer’s record-high temperatures in Southern Europe have demonstrated that without appropriate weather hedges in place, large energy consumers, energy companies and portfolio managers can be exposed to a dangerous level of weather risks.  As winter approaches, unusually mild or extremely cold temperatures are a further threat. Now is the time for these businesses to buy a hedge to protect themselves from temperature uncertainties or risk aggregated losses as the effects of climate change continue to bring unseasonal weather and unexpected and extreme weather events.  Continue Reading