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      Question

      The ‘RAINMUMBAI’ weather derivatives contract is

      structured on which scientifically structured model?
      A Cumulative Deviation Rainfall (CDR) model Correct Answer Incorrect Answer
      B Average Rainfall Index model Correct Answer Incorrect Answer
      C Monsoon Variability Index model Correct Answer Incorrect Answer
      D Standard Precipitation Index model Correct Answer Incorrect Answer
      E Rainfall Anomaly Model Correct Answer Incorrect Answer

      Solution

      The contracts are structured on a scientifically structured Cumulative Deviation Rainfall (CDR) model. It measures the deviation of actual rainfall from the Long Period Average (LPA) during the monsoon season (June-September). The benchmark was built using a 30 year rainfall dataset from 1991 to 2020.

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