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Weather Risk Management - What is the Weather Risk
Research indicates that weather and climate conditions are responsible for the fluctuation of the US economy. Each year, an estimate of four hundred and eighty-five billion dollars goes towards construction, transportation, insurance, utilities, agriculture, retail, logistics. All of which, one way or the other, are ways to deal with the bad weather conditions
Weather risk can generally be defined as the management of revenue, costs and financial performance sensitive to weather conditions. The weather risk sector makes it possible to manage the adverse financial impact of weather. The market uses risk transfer instruments based on the weather elements (temperature, rain, snow, wind, hail. etc.) which affect revenues, costs or margin.
The risk evaluation
The current tools for assessing and managing climate conditions analyze a whole series of meteorological parameters on short and long-term basis. This is done to show a low, medium and high potential dangers for the following items;
-Flood with critical thresholds
-Maximum daily rain with flooding criticality thresholds
-Highest and lowest temperature to determine thermal criticality thresholds
-Wind to determine criticality thresholds for damages
-Hail to determine damage criticality thresholds, based on the grain size
-Lightning to determine the density and intensity of critical areas where strokes have occurred
-Areas of occurrence of landslide
One or a combination of these phenomena contribute with the frequency of occurrence and the destructive impact to define the potential geographical risk of a given location
. At the conference, issues of evaluation, awareness, management and strategic approach to climate change and climate risk were widely discussed
Meteorological weathe risk management sevices
Big Climate databases are used to assess meteorological risks. Data disseminated by different weather station networks can have missing black or data anomalies
Datameteo weather risk platform provides quality-controlled weather data. Quality control checks have been developed in-house, they combine a unique reanalysis and satellite-based technologies tool to ensure the best state of the art. This innovation allows us to offer accurate reporting services, like the updated Italian hailstone database reporting events.
Research, observations, scientific assessments, and technology development can help reveal risks support decision-making with respect to climate change risk management. In that regard, expanding the knowledge base allows policymakers to understand, select, and refine specific risk management strategies to increase the effectiveness of risk management efforts. Knowledge-base expansion can, in some cases, also reveal entirely new opportunities for protecting the climate system or reducing the risks of climate change impacts..
Our strenght
We provide meteorological data time series homogeneous, consistent and continuous. We ensure worldwide coverage without interpolating data sources to ensure the best state of the art accuracy on a gridded data basis.
Weather innovation: We try to give real added data value. We use innovative, predictive algorithms to track the meteorological evolution interfacing innovative meteorological models like; Datameteo WRF ASYNC
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Flooding statistics in Italy ( image below ) indicate that 6000 municipalities ( 73 % ) in the last (50) years (period 1965-2014) have been affected by flood events.
Ongoing climate change places on fundamental value on the quality of information and weather forecast that will then become the crucial basis of special meteorological warning services. That, nevertheless, does not replace the official meteorological alerts issued by the weather authority
Datameteo's staff of qualified meteorologists have at their disposal all the best technologies of nowcasting, short-term and medium-term numerical weather predictions, in order to evaluate in the most immediate and complete way all the meteorological scenarios summarized at a glance innovative Meteo GIS platform called MeteoBrowser 2.0
The Weather risk in the nergy and agricolture market
Every industry is impacted by weather. Negative impacts can result in major financial loses. However, with the right tools and knowledge, weather can be used to your advantage and therefore, increase profits in FER (Renewable Energy Sources) and Agricolture market
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