Formed by leading international insurance brokers to exploit the use of Internet technology to place risks internationally while also continuing to place business manually. In June 1999, WIN merged with LIMNET and the RINET to form WISe (the World InSurance – E-commerce).

The risk that wind speed variations will reduce the volume of electricity generated by wind farms and therefore sales for wind power companies. The risk can be managed by a weather derivative based on wind power indices (WPIS). The average value of the index over any 12-month period is 100 in a normal year. An annual value of 95 indicates that the index is 5 per cent below normal for the region and leads to a payout. Wind farm developers, operators and financiers may all hedge against the wind risk.

Closing of an occupational pension scheme, usually done by buying annuities for all members, including deferred annuities. Alternatively all assets and liabilities can be transferred to another scheme in accordance with the scheme rules and any relevant laws. There are statutory provisions to determine when winding up commences for statutory purposes (Occupational Pension Schemes (Winding Up) Regulations 1996, Regulation 2 (SI 1996/3126)).

Under private comprehensive car policies, insurers agree that, if a claim for damage consists solely of damage to the windscreen or windows, payment will be made without prejudice to the insured’s entitlement to no claim discount.

insurance Insurance against damage done to property by unusually high winds or cyclone or hurricane. The risks are usually insured as additional perils, but it is possible to insure against these perils alone.