CAT-Bonds und Wetterderivate sind die Endprodukte eines Verbriefungprozesses, der nicht handelbare Risikofaktoren (Wetterschäden oder Naturkatastrophenschäden) in handelbare Finanzanlagen verwandelt. Als Ergebnis sind die Märkte für diese Produkte in der Regel unvollständig. Da geeignete...

Since last decade, weather derivatives have been traded by Chicago Mercantile Exchange(CME) to hedge the weather risk. In addition to HDD,CDD and CAT, which are index written on the temperature in U.S. and Europe, Pacific Rim Index is newly developed and actively traded nowadays. In terms of the...

Different weather events play an important role for industries with profits depending on temperature or other weather conditions. A market for trading on temperature events has recently emerged. The traded financial contracts allowing to transfer weather risks are called weather derivatives. The...

Weather derivatives (WD) are different from most financial derivatives because the underlying weather cannot be traded and therefore cannot be replicated by other financial instruments. The market price of risk (MPR) is an important parameter of the associated equivalent martingale measures used...