PICC Reinsurance has partnered with catastrophe modelling firm AIR Worldwide to manage its growing portfolio of catastrophe risk reinsurance business.
Having recently received approval from the China Insurance Regulatory Commission (
CIRC) to operate as a stand-alone reinsurance entity, PICC Re chose to cooperate with AIR, given the latter’s extensive knowledge of the Asia-Pacific reinsurance market. As a result, PICC Re will gain access to advanced catastrophe models and analytical services in China.
AIR’s earthquake model for China draws on the country’s expansive record of seismic activity and was developed in tandem with leading local research organisations. Meanwhile, its typhoon model incorporates both wind and flood damage models, allowing for a more complete picture of typhoon risks.
“We are honoured and delighted that PICC Re has decided to leverage the combined power of our software platform, our market-leading models, and our renowned in-country customer support team to price and manage its reinsurance book of business,” commented Dr. Milan Simic, executive vice president and head of global business development for Verisk Insurance Solutions and AIR.
“Our business relationship with PICC has been ongoing for more than a decade and coincides with the opening of AIR’s office in Beijing and our major presence and investment in the country.”
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