Financial activity with graphical user interface based on natural peril events

• US 7,783,542 B2
• Filed: 10/31/2007
• Issued: 08/24/2010
• Est. Priority Date: 12/21/2004
• Status: Active Grant

• Current Assignee: Weather RISK Solutions LLC
• Original Assignee: Weather RISK Solutions LLC
• Inventors: Horowitz, Kenneth A.
• Primary Examiner(s): Borlinghaus; Jason M
• Application Number:
  US11/981,414
• Publication Number:
  US 20080133429A1
• Time in Patent Office: 1,028 Days
• Field of Search: None
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• CPC Class Codes: G07F 17/3255 Incentive, loyalty and/or promotion schemes, e.g. comps, gaming associated with a purchase, gaming funded by advertisements

Abstract

A financial activity network includes a central managing system connected to a plurality of participant terminals. Rules governing operation of the financial activity are stored for future reference. A participant provides investment information such as a map location for the predicted strike by the natural peril event and, optionally, one or more secondary parameters relating to the natural peril event, such as the time interval between the time of investment and the time of an event strike and/or the severity of the event strike according to an established scale. In one example, an external objective independent information source is consulted, with the external objective independent information source providing monitoring, interpretation and derived determination of parameters pertaining to the natural peril event. Methods and articles of manufacture are also disclosed.

Claims

1. A computerized method of offering for purchase, positions predicting a future first natural peril landstrike resulting from a substantially continuous ongoing natural process culminating in a future first natural peril landstrike, comprising:

providing a computer graphical user interface having first and second portions;

providing a database containing

     1) a map of geographical areas corresponding to the positions to be offered for purchase,

     2) an ongoing series of updated strike probabilities of future first natural peril landstrikes in the geographical areas;

     3) an ongoing series of updated premiums for purchasing positions predicting the future first natural peril landstrike in the available geographical areas, including at least one initial premium that is based at least in part upon a strike probability of a future first natural peril landstrike in the geographical areas;

     4) the number of positions currently purchased for each available geographical area;

     5) the current total proceeds received for all of the available geographical areas; and

     6) the current value of the position for each available geographical area;

displaying the map in the first portion of the graphical user interface, with user selectable portions corresponding to the geographical areas of the map;

displaying in association with the map, substantially real time progress of the ongoing natural process;

during the substantially continuous ongoing natural process, electronically obtaining updated data providing the basis for electronic calculations of current strike probabilities of a future first natural peril landstrike for the geographical areas; and

in response to a user selecting a user selectable portion and thereby indicating a geographical area for selection, displaying in the second portion of the graphical user interface, a summary of purchase-related information, including

     1) the current updated strike probability of a future first natural peril landstrike in the indicated geographical area;

     2) the current updated premium for purchasing a position predicting the future first natural peril landstrike in the indicated geographical area, comprising part of an ongoing series of updated premiums including at least one initial premium that is based at least in part upon a strike probability of a future first natural peril landstrike in the geographical areas;

     3) the current number of positions purchased for each available geographical area;

     4) the current total proceeds received for all of the available geographical areas; and

     5) current value of the positions for each available geographical area.

2. The method according to claim 1 wherein the summary of purchase-related offer information is displayed in the form of one of said table and said pop-up window.

3. The method according to claim 1 wherein the ongoing series of updated strike probabilities of future first natural peril landstrikes in the geographical areas is initially set by calculations, based at least in part, upon historical data of at least one former ongoing natural process.

4. The method according to claim 1, further comprising a third portion of said graphical user interface for entry of order data to serve as the basis for committing to purchase at least one position, the data including a designation of at least one indicated geographical area and the offer price for purchasing at least one position predicting a future first natural peril landstrike in the at least one indicated geographical area.

5. The method according to claim 4, further comprising a fourth portion of said graphical user interface for confirming a commitment to purchase at least one position corresponding to the order data entered.

6. The method according to claim 1 wherein the communication module presents a null region, available for trading, designating no tropical weather event in any of the plurality of geographic regions.

7. The method according to claim 1 wherein the position comprises a derivative securities interest including at least one of said futures contract, said option contract and said option on future contract.

8. A system for offering purchase positions predicting a future first natural peril landstrike resulting from a substantially continuous ongoing natural process starting with a reported precursor tropical storm at sea and culminating in the future first natural peril landstrike, comprising:

a computer interface module for electronically providing a graphical user interface having first and second portions;

a database containing

     1) a map of geographical areas corresponding to the positions to be offered for purchase,

     2) an ongoing series of updated strike probabilities of future first natural peril landstrikes in the geographical areas;

     3) an ongoing series of updated premiums for purchasing positions predicting the future first natural peril landstrike in the available geographical areas, including at least one initial premium that is based at least in part upon a strike probability of a future first natural peril landstrike in the geographical areas;

     4) the number of positions currently purchased for each available geographical area;

     5) the current total proceeds received for all of the available geographical areas; and

     6) the current value of the position for each available geographical area;

the interface module communicating with the database to display the map in the first portion of the graphical user interface with user selectable portions corresponding to the geographical areas of the map, and in association with the map, substantially real time progress of the ongoing natural process;

the database further containing electronically updated data during the substantially continuous ongoing natural process, that provides the basis for electronic calculations of strike probabilities of a future first natural peril landstrike for the geographical areas; and

the interface module, in response to a user selecting a user selectable portion and thereby indicating a geographical area for selection, displaying in the second portion of the graphical user interface, a summary of purchase-related information, including

     1) the current updated strike probability of a future first natural peril landstrike in the indicated geographical area;

     2) the current updated premium for purchasing a position predicting the future first natural peril landstrike in the indicated geographical area comprising part of an ongoing series of updated premiums including at least one initial premium that is based at least in part upon a strike probability of a future first natural peril landstrike in the geographical areas;

     3) the current number of positions purchased for each available geographical area;

     4) the current total proceeds received for all of the available geographical areas; and

     5) current value of the positions for each available geographical area.

9. The system according to claim 8, wherein the second portion of the graphical user interface is displayed in the form of one of said table and said pop-up window.

10. The system according to claim 8, wherein the graphical user interface further has a third portion for entry of order data including a designation of the indicated geographical area and the current updated premium for purchasing a position predicting a future first natural peril landstrike in the indicated geographical area.

11. The system according to claim 10, wherein the graphical user interface further has a fourth portion for confirming a commitment to purchase a position corresponding to the order data entered.

12. The system according to claim 8 wherein the communication module presents a null region, available for trading, designating no tropical weather event in any of the plurality of geographic regions.

13. The system according to claim 8 wherein the position comprises a derivative securities interest including at least one of said futures contract, said option contract and said option on future contract.

14. An article of manufacture including a machine readable medium for causing a computer to perform a computerized method of offering for purchase, positions predicting a future first natural peril landstrike resulting from a substantially continuous ongoing natural process culminating in a future first natural peril landstrike, comprising:

providing a computer graphical user interface having first and second portions;

providing a database containing

     1) a map of geographical areas corresponding to the positions to be offered for purchase,

     2) an ongoing series of updated strike probabilities of future first natural peril landstrikes in the geographical areas;

     3) an ongoing series of updated premiums for purchasing positions predicting the future first natural peril landstrike in the available geographical areas, including at least one initial premium that is based at least in part upon a strike probability of a future first natural peril landstrike in the geographical areas;

     4) the number of positions currently purchased for each available geographical area;

     5) the current total proceeds received for all of the available geographical areas; and

     6) the current value of the position for each available geographical area;

displaying the map in the first portion of the graphical user interface, with user selectable portions corresponding to the geographical areas of the map;

displaying in association with the map, substantially real time progress of the ongoing natural process;

during the substantially continuous ongoing natural process, electronically obtaining updated data providing the basis for electronic calculations of current strike probabilities of a future first natural peril landstrike for the geographical areas; and

in response to a user selecting a user selectable portion and thereby indicating a geographical area for selection, displaying in the second portion of the graphical user interface, a summary of purchase-related information, including

     1) the current updated strike probability of a future first natural peril landstrike in the indicated geographical area;

     2) the current updated premium for purchasing a position predicting the future first natural peril landstrike in the indicated geographical area comprising part of an ongoing series of updated premiums including at least one initial premium that is based at least in part upon a strike probability of a future first natural peril landstrike in the geographical areas;

     3) the current number of positions purchased for each available geographical area;

     4) the current total proceeds received for all of the available geographical areas; and

     5) current value of the positions for each available geographical area.