In 1999, six charter members including Aquila Power Company, Castlebridge Partners, Enron Capital and Trade Associates, Koch Industries, Southern Company Energy Marketing, and Swiss RE New Markets founded the Weather Risk Management Association (WRMA) as a 501 (c) 6 trade association for weather risk management professionals.
WRMA’s mission is to enhance public awareness and understanding of the weather risk environment, promote the management of weather risk, and provide a platform for market participants to engage in the growth of the industry through market, policy and regulatory developments.
WRMA’s membership has grown to over 30 member companies: Click here to view the current list of WRMA members.
Since its inception, WRMA has made major contributions to the development of the weather risk market in the areas of:
- Formation of ISDA confirmation templates for the most common weather transactions
- Development of standardized fallback protocols
- Establishment of template margining procedures
- Globalization of WRMA to include organizations in Japan and Europe
- Broadening the market’s commercial scope with outreach to related sectors, including finance, agriculture, energy and trading
- Cooperation with government efforts to introduce weather risk management into national regulatory frameworks
- Education of markets through conference activity
- Monitoring of regulatory activity and issues critical to the market
- Reduction of government obstacles to weather data access
- Improvement of data reporting and quality standards with the support of NOAA and the NWS
Click here for more information on becoming a WRMA Member
Click here for the history of the Weather Market Industry