Aon Benfield has unveiled a new weather reinsurance product, WExcess, intended to mitigate adverse weather losses for UK insurers.

Developed in collaboration with reinsurer Swiss Re and weather risk management specialists CelsiusPro, the WExcess index-based cover has been designed to assist alleviate the financial losses incurred by insurers in the event of severe weather catastrophes.

Aon Benfield UK and Ireland team product leader Kurt Cripps said that the new index-based product offers lower retention levels than traditional reinsurance solutions and serves as an alternative to aggregate catastrophe reinsurance cover.

Swiss Re origination weather and energy head Stuart Brown said, "This new weather product gives insurers more protection against the costs of severe weather and this means that they can continue to offer highly comprehensive cover to their clients."