From BloombergNews: Wall Street Embraces Weather Risk in New Era of Storms. Climate change revs up number, intensity of weather disasters. New high priests of finance: Forecasters who keep cash flowing
From IBM and AccuWeather Inc. to outfits like Riskpulse, Jupiter and DTN, companies that track weather have created an intensely competitive new industry in just the last five years. Their client lists have grown to include insurers, banks and commodity traders, engineers and architects, shippers, retailers and the travel industry. And little is done without their input.
As global warming makes extreme weather more common, meteorologists have become the high priests of finance, mitigating uncertainty and boosting risk-related profits. “There’s kind of a wave building,” said Tory Grieves, membership manager at The Collider, a North Carolina nonprofit that helps climate entrepreneurs train and network.