Overview: Weather Risk | ||
Type | ||
Definition | The potential for losses due to unexpectedly severe weather. | |
Risk Treatments | ||
Related Concepts | Force MajeureHealth And Safety Risk |
What is Weather Risk? John Spacey, updated on
Weather risk is the potential for severe weather to disrupt business operations or damage assets. In some industries, such as construction, weather risk has a significant impact. For the most part, this impact can be anticipated as every year has at least some severe weather. However, some years have far more severe weather than others. Often weather risk is defined as weather patterns that exceed baseline assumptions. Climate and geography also play a role in weather risk. In some regions, outdoor operations such as construction may incur months of downtime each year due to weather.
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