Weather wisdom with risk management

Mark Tawney from Swiss Re spells out the implications of not keeping an eye to the weather

“We all grumble about the weather, but--but--but, nothing is done about it.”Mark Twain

“Whilst some people are weather wise, most are otherwise.” Benjamin Franklin

Is Mark Twain correct? From our perspective in the weather derivatives business, we have to say: “Not anymore”. In fact, the evolution of weather derivatives makes Benjamin Franklin’s observation about weather wisdom truer than ever, though in ways that he didn’t predict.

Achieving weather predictability is nearly impossible because of

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