The Canadian extreme weather index, produced by insurers, shows that between 1961 and 1990, weather conditions exceeded normal only five times. In the last 10 years, however, it happened 12 times.
That’s additional proof to demonstrate the growing influence of weather factors on the economic actors of a country. It’s not just the extremes. A slightly colder and greyer spring can bring down your sales by as much as 40%. This is an average experience for some Canadian companies in the spring of 2017.
Financial losses
In other statistics, Canada ranked 8th in terms of climate-related financial losses.
This isn’t news per se. In 2008 already, the weather bill published a study on losses incurred by the economic sector, which at the time, was in billion dollars.
The United States is still today the most affected country (by weather conditions) with more than 350 billion dollars a year in losses.
After the banking world began taking actions, it is the insurers who follow suit to determine the impact and take the necessary measures.
In the meteorological environment too, things are changing. Companies like MeteoGlobal offer comprehensive services to help you plan and deal with weather’s impact on your activity.
How to plan for this?
Indeed, it is first necessary to determine the real impact on the company (sales and logistics). Then, develop rules to allow to act in a preventive way with respect to weather deviations. Finally, provide a clue and targeted weather forecasts for informed and effective action. In certain industries, this service’s introduction makes it possible to increase revenue by 20%. It further allows reduction of variable costs by the same.
Meteorology today influences consumer behaviour as well, their employment too, and it all affects how they buy.
Undoubtedly, the time has come to act and prepare for the future so that your company can respond optimally to extreme weather. Visit our site, contact us and let’s talk about it ….