Weather risk management by companies such as Delphi Weather Analytics. The weather risk market makes it possible to manage the financial impact of weather through risk transfer instruments based on a defined weather element, such as temperature, rain, snow, wind, etc. Weather risk management is a way for organizations to limit their financial exposure to disruptive weather events. By making a payment (a "premium") to a separate company that will assume the financial weather risk for them, an organization essentially is buying a type of insurance - the company assuming the risk will pay the buyer a pre-set amount of money which will
Weather and climate Weather and climate There is often confusion between weather and climate. Weather is the condition of the atmosphere at a particular place over a short period of time, whereas climate refers to the weather pattern, using statistical data, of a place over a long enough period to yield meaningful averages. Meteorology studies weather, while climatology studies climate; both are atmospheric sciences. Climate is an important physical element because it indicates the atmospheric condition of heat, moisture and circulation; it plays a dominant role in shaping vegetation and soil; and it ultimately affects all forms of life, as a result of