The value of weather risk management contracts transacted from April 2005 through March 2006 increased almost fivefold to $45.2 billion from last year's $9.7 billion, according to a survey by the Weather Risk Management Association (WRMA).

"The explosive growth we are experiencing is a result of companies realising the importance of the weather market as well as its interdependence with the commodity markets, particularly energy and the ability to hedge commodity price risk in the weather market"