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Weather derivatives have taken off during the recent volatility in gas and electricity prices in the USA. The bullish outlook of some re-insurers notwithstanding, the market is tiny less than $1 billion annually and illiquid. Risk transfer, risk trading and the refinancing of risk are at the forefront of current economic thought.
Thirteen thousand dollars of the risk in question was ceded to other companies and we naturally filed claims with the reinsurers for their proportion. The following day a friend who was acting as chief adjuster for another office which was one of the re-insurers on this risk, called upon me regarding this particular claim.
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