Hurricane hits Miami in 2024?

Hurricane hits Miami in 2024?

$22,452 vol

ALL

Market Rules

Category 1 or higher

The outcome is No

If the National Weather Service reports that a maximum sustained wind-speed of at least 74 miles per hour (corresponding to a hurricane category or stronger) in the city of Miami that occurred between January 17, 2024 and November 30, 2024, then the market resolves to Yes. Outcome verified from National Weather Service and National Weather Service.

The Exchange uses two NWS products for its Underlying: (1) the Daily Climate Report for Miami, FL and (2) any location within the city limits of Miami, Florida included in an NWS Post-Storm Hurricane Report.

The market will expire on the first 10:00 AM ET following the release of official data at the Underlying confirming the event has occurred. Otherwise, the market will expire on the sooner of the the first 10:00 AM ET following the release of data for November 30, 2024, or one week after November 30, 2024.

Timeline and payout

Market openJan 17, 2024 · 6:00pm EST

Market closedAfter the outcome occurs

Paid out1 hour after closing

If this event occurs, the market will close the following 10am ET. Otherwise, it closes by Nov 30, 2024 at 11:59pm EST.

SeriesKXHURMIA

EventHURMIA-24NOV30

MarketHURMIA-24NOV30-T1

Insider trading is prohibited

The following are prohibited from trading this contract:

Persons who are employed by any of the Source Agencies are not permitted to trade on the Contract.
Persons who hold any material, non-public information on the Underlying are not permitted to trade on the Contract.

About

A Category 5 hurricane striking the Miami area would result in over $200 billion in insured residential property losses, according to Karen Clark & Company (KCC). The 2024 hurricane season is expected to be one of the most active in recent history, with the National Oceanic and Atmospheric Administration predicting an 85% chance that the Atlantic season will exceed average expectations, including up to 13 hurricanes and four major hurricanes. Miami-Dade has a 36% chance of being impacted by a hurricane this season, higher than the historical average of 23% from 1880-2020.