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Erschienen in:
2019 | OriginalPaper | Buchkapitel
25. Weather Risk Management’s Instruments Used in Tourism Industry
verfasst von : Mirela Panait, Irina Radulescu, Marian Catalin Voica
Erschienen in: Caring and Sharing: The Cultural Heritage Environment as an Agent for Change
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Abstract
The weather is an important factor that affects the businesses, because the climate change determined the intensification of natural phenomenon, sudden temperature changes or large amounts of rainfall or snowfall. The traditional instruments offered by insurance industry are not suitable for these new challenges determined by climate change. A new market was born, and new tools for weather risk management appeared. The weather derivatives are traded on OTC market and on stock exchange. The article is focused on the use of the weather derivatives by the companies from tourism industry. Taking in account the success of weather derivatives traded on Chicago Mercantile Exchange Group, the authors of this paper analysed the possibilities of tourism industry’s companies from other parts of the world to cover risks arising from weather.