AIR Releases Updated Weather Data
Wednesday, August 21st, 2002 Property TechnologyAIR Worldwide Corporation (AIR) of Boston has released updated reconstructed weather data for stations throughout the U.S. The update by AIRWeather™, AIR's weather risk management service, provides weather derivatives traders a consistent and temporally homogenized historical temperature time series for weather stations nationwide. The update accounts for station shifts and station environmental changes that impact historical weather observations. "In order for the weather derivatives market to function smoothly, it is imperative to address the issues of historical temperature variations on a regular basis," said Mark Gibbas, AIRWeather senior research scientist in meteorology. "Evaluating a weather derivative contract using raw data can lead to devastating financial consequences as historical data can be inconsistent.
