The Weather Risk Management Association (WRMA) is a trade association representing the global market of weather risk management professionals. WRMA has been dedicated to promoting the weather risk management industry to providers and end users since 1999.
WRMA members represent all sides of the weather market including: - Insurance and reinsurance providers - Brokers - End users - Data providers - Exchanges
Current market activity is primarily based upon surface observations (weather stations) with the use of gridded datasets (reanalysis and satellite-derived data) becoming increasingly common.
Weather forecast data is also important in gauging how a hedge could perform throughout the forecast horizon. The scope of meteorological data ranges from the common variables of daily maximum and minimum temperature to more complex observations such as wind speeds at hub height (wind farms) to hourly solar radiation. The complexity of data used in this market has resulted in a number of vendors having become specialists in the sourcing of data and production of derived products specifically for this industry.