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Newark, Calif. – March 4, 2002 – Risk
Management Solutions (RMS), the leading provider of products and
services for the management of natural hazard risks, today announced
the publication of regional weather indexes for the U.S. on its
weather risk website, climetrix.com. The indexes provide the weather
derivatives market and other interested parties a new benchmark to
track seasonal weather conditions relative to historical averages
for 10 regions of the U.S. Index values are updated daily with
cleaned temperature data from RMS’ partner, Earth Satellite
Corporation.
The indexes track seasonal temperatures in
both degree days and cumulative averages for each region throughout
the main winter and summer trading periods. Historical averages and
index values from past years are also posted for comparison. Current
index values for the November – March winter season show very
clearly how warm this winter has been in most of the United States.
Index values for 6 of the 10 regions, including the Northeast, the
Mid-Atlantic, and the Midwest, are much warmer than the ten-year
average, and only 1 region is currently cooler than average.
The RMS™ Regional Weather Indexes also give
weather traders a new basis for structuring weather transactions.
With index values derived from a basket of 10 weather stations in
each region, the indexes eliminate almost all of the exposure to
weather station movements or instrumentation changes that is a
common risk in single-station transactions. In addition to reducing
this station risk, another attractive feature of the indexes is
their rapid settlement. RMS uses the daily cleaned data for all of
the underlying weather stations to calculate final index settlement
values within hours of the end of a risk period.
In conjunction with the launch of these new
indexes, RMS has also redesigned and upgraded the climetrix.com
website to include expanded market resources and more detailed
information on RMS’ weather products.
About RMS
Risk Management Solutions is the world’s
leading provider of products and services for catastrophe, weather,
and enterprise risk management. More than 400 leading insurers,
reinsurers, trading companies, and other financial institutions rely
on RMS models to quantify, manage, and transfer risk. Founded at
Stanford University in 1988, RMS serves clients today from offices
in the U.S., Europe, and Japan. For more information, visit our
website at
www.rms.com.
Climetrix, RMS,
and the RMS logo are trademarks of Risk Management Solutions, Inc.
All other trademarks are property of their respective owners.
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