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Newark, Calif. – April 1, 2002 – Risk
Management Solutions (RMS), the world’s leading provider of products
and services for the management of natural hazard risks, today
announced that its regional weather indexes registered a record warm
winter in several regions of the U.S.
The recently launched indexes track seasonal
temperatures across 10 regions of the U.S. For the November 2001 to
March 2002 winter season, the indexes show that the weather was much
warmer than average in the 6 regions covering the entire
northeastern two-thirds of the country. Weather was average in the
South Central region, and was cooler than average in the Mountain
States, the Pacific Northwest, and the Southwest.
In the Northeast, the Mid-Atlantic, and the
Midwest, the indexes recorded their warmest values in the 30 years
for which reliable data has been available for all of the 100
weather stations used to calculate index values. The most extreme
conditions were registered in the Northeast region, where average
daily temperatures were 37.7 degrees Fahrenheit. This value is more
than 4.5 degrees above the 10-year average of 33.0 and almost two
full degrees warmer than the previous record value.
Paul VanderMarck, managing director of weather
risk products at RMS, commented, “The final index values not only
show how unusually warm this winter was in several regions of the
country, but also serve as a reminder of the value that weather
derivatives and insurance offer to the wide range of businesses
whose revenues are affected by the weather. Our indexes registered
average daily temperatures in the Northeast, Mid-Atlantic, and
Midwest regions that were approximately 6 to 8 degrees warmer than
during last year’s cold winter. This magnitude of natural
variability in the climate from year to year presents a serious risk
to many weather-exposed businesses that can now be efficiently
managed using weather derivatives or weather insurance products.”
All final index values and the record of their
day-by-day progression through the winter season can be viewed on
www.climetrix.com, RMS’ weather risk website. RMS will start
tracking values of the regional weather indexes for the May to
September summer season on May 2.
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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