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CelsiusPro AG is a Swiss company dedicated to helping both private and public organisations understand and mitigate the financial impact of climate and natural catastrophe risks. Its Insurtech platform combines climate data and risk modelling to develop solutions that enable insurance companies and brokers to distribute and manage parametric insurance. Through its consulting services, CelsiusPro provides physical climate risk assessments, disaster risk finance, and structuring and risk modelling for insurance schemes.

Parametric insurance a risk transfer solution that rapidly disburses predetermined amounts following specific, measurable events, such as the intensity of natural disasters including hurricanes, earthquakes, and floods.

In September 2023, it was announced that CelsiusPro had acquired the London-headquartered Global Parametrics ^[1], which manages the Natural Disaster Fund (NDF), a risk transfer vehicle that operates as a public-private partnership with capital committed by the UK government’s Foreign, Commonwealth and Development Office, and Germany’s development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The NDF shares risks with global reinsurance group Hannover Re.

Using a proprietary platform, CelsiusPro enables online price calculation, execution and position reporting as well as weather statistics and analysis. It is predominantly active in the primary weather market offering corporate hedges to companies from weather dependent industries such as: energy, construction, agriculture, tourism ^[2] and leisure, events and transportation. In addition, CelsiusPro structures and implements micro weather index schemes in developing countries. It is the winner of the 2009 Swiss Insurance Industry award for Innovation. ^[3]

Weather Index Products

The weather index products such as OTC weather derivative or weather insurance contracts, are based on climatic indices for underlyings such as temperature, rain, snow, wind and radiation for weather stations across Europe, Australia, Canada and the US. The price calculations and settlements are based on measurements of official national weather stations or satellite data.

References

Further reading

• What every CFO needs to know about weather risk management, written by Jarvis Cromwell, Storm Exchange Inc., sponsored by CME Group
• Artemis: Disclosure of weather and climate related risks
• Weather Risk Management Association (WRMA)
• NOAA Climate Services, National Oceanic and Atmospheric Administration