Tokio Marine launches autumn foliage-linked derivatives
Japan’s Tokio Marine and Fire Insurance has launched autumn foliage-linked derivatives contracts referenced to the country’s daily precipitation index.
A typical contract pays out when the daily precipitation (in millimetres) is at or greater than a pre-agreed level for a pre-specified number of days during a one-month observation period in autumn.
The daily precipitation index data is published by the Japan Meteorological Agency. The calculation period is determined by historical observation data based on the dates visitors can see red or falling leaves, also published by the agency.
The company introduced cherry blossom derivatives linked to the country’s spring temperature earlier this year.
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