Sales of weather risk management contracts have increased dramatically by $35.5 billion over the past year, according to an association survey.
The Weather Risk Management Association (WRMA), an international trade organization of the weather risk management industry, said its annual survey, performed by PricewaterhouseCoopers, found weather risk management contract transactions from April 2005 through March 2006 increased from $9.7 billion to $45.2 billion.
“These numbers are a tremendous validation of our business,” said Brian O'Hearne, president of WRMA and managing director of Swiss Re's Environmental and Commodity Markets in North America.
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