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Measuring Non-Catastrophic Weather Risks for Businesses

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  • Juliusz Pres

    (Department of Manager's and Engineer's Economics, West Pomeranian University of Technology, Piastow 48, Szczecin 70-311, Poland.)

Abstract

While many published articles touch on the problem of using weather derivatives as tools for non-catastrophic weather-risk management, few studies have looked at the problem of appropriate risk measurement. This paper aims to present and evaluate all available methods used to identify and estimate the impact of non-catastrophic weather upon commercial enterprises. Correctly defining these parameters fundamentally affects building weather cover. Analysis of already existing methods of weather-risk measurement for businesses, as presented in the literature, has shown a few disadvantages. This paper proposes an improved approach to weather risk measurement – one based on an extended econometric model. We have empirically tested all the methods proposed herein and present our conclusions. The Geneva Papers (2009) 34, 425–439. doi:10.1057/gpp.2009.16

Suggested Citation

  • Juliusz Pres, 2009. "Measuring Non-Catastrophic Weather Risks for Businesses," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 34(3), pages 425-439, July.
    • Handle: RePEc:pal:gpprii:v:34:y:2009:i:3:p:425-439
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    Citations

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    Cited by:

    1. Andrea Martínez Salgueiro & Maria-Antonia Tarrazon-Rodon, 2021. "Weather derivatives to mitigate meteorological risks in tourism management: An empirical application to celebrations of Comunidad Valenciana (Spain)," Tourism Economics, , vol. 27(4), pages 591-613, June.
    2. Jean-Louis Bertrand & Xavier Brusset, 2018. "Managing the financial consequences of weather variability," Journal of Asset Management, Palgrave Macmillan, vol. 19(5), pages 301-315, September.
    3. Ivana STULEC & Kristina PETLJAK & Tomislav BAKOVIC, 2016. "Effectiveness of weather derivatives as a hedge against the weather risk in agriculture," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 62(8), pages 356-362.
    4. Å tulec, Ivana & Petljak, Kristina & Naletina, Dora, 2019. "Weather impact on retail sales: How can weather derivatives help with adverse weather deviations?," Journal of Retailing and Consumer Services, Elsevier, vol. 49(C), pages 1-10.
    5. Bertrand, Jean-Louis & Brusset, Xavier & Chabot, Miia, 2021. "Protecting franchise chains against weather risk: A design science approach," Journal of Business Research, Elsevier, vol. 125(C), pages 187-200.
    6. Ivana Štulec, 2017. "Effectiveness of Weather Derivatives as a Risk Management Tool in Food Retail: The Case of Croatia," IJFS, MDPI, vol. 5(1), pages 1-15, January.
    7. Bertrand, Jean-Louis & Parnaudeau, Miia, 2019. "Understanding the economic effects of abnormal weather to mitigate the risk of business failures," Journal of Business Research, Elsevier, vol. 98(C), pages 391-402.
    8. Waldemar Tarczyński & Sebastian Majewski & Małgorzata Tarczyńska-Łuniewska & Agnieszka Majewska & Grzegorz Mentel, 2021. "The Impact of Weather Factors on Quotations of Energy Sector Companies on Warsaw Stock Exchange," Energies, MDPI, vol. 14(6), pages 1-14, March.

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