March 13, 2007 | South Florida Sun SentinelStarting Monday, the Chicago Mercantile Exchange began offering contracts covering the arrival of the first three hurricanes in Florida and four other coastal regions during the 2007 hurricane season. These contracts, which are an extension of the CME's existing weather contract market, provide insurance firms, oil companies, utilities and others an opportunity to cover risks not protected by traditional insurance policies. In 2005, the Iowa Electronic Markets at the UNIVERSITY OF IOWA and the University of Miami's Rosenstiel School of Marine and Atmospheric Science opened a small hurricane futures market limited to academics. The newspaper is based in Florida.
Contact: Forrest Nelson