More than 50% of US companies unprepared for weather risk: report

Results of a survey carried out by CME Group, the world's largest derivatives exchange, and weather risk management originator Storm Exchange, have found that 51% of senior finance and risk managers concede that they are under prepared to cope with weather risk.

The study, released today, found that 82% of senior finance and risk managers believe that global climate change will require changes to their future business models.

Of those surveyed, 42% said that their companies had attempted to quantify their exposure to weather, and only 10% had used weather options or futures to hedge that exposure.

Major findings of the study, which interviewed 205 senior