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Weather Risk Management’s Instruments Used in Tourism Industry

In: Caring and Sharing: The Cultural Heritage Environment as an Agent for Change

Author

Listed:
  • Mirela Panait

    (Petroleum-Gas University of Ploiesti)

  • Irina Radulescu

    (Petroleum-Gas University of Ploiesti)

  • Marian Catalin Voica

    (Petroleum-Gas University of Ploiesti)

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.

Suggested Citation

  • Mirela Panait & Irina Radulescu & Marian Catalin Voica, 2019. "Weather Risk Management’s Instruments Used in Tourism Industry," Springer Proceedings in Business and Economics, in: Valentina Vasile (ed.), Caring and Sharing: The Cultural Heritage Environment as an Agent for Change, chapter 0, pages 291-301, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-89468-3_25
    DOI: 10.1007/978-3-319-89468-3_25
    as

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