Chinese reinsurer PICC Reinsurance Company Limited (PICC Re) has partnered with catastrophe risk modeller, AIR Worldwide, to better manage its expanding portfolio of catastrophe risk reinsurance business.
Following approval by the China Insurance Regulatory Commission (CIRC) to operate as a stand-alone reinsurer, PICC Re has been eager to work with entities that could aid with both the pricing and management of its growing reinsurance book of business.
AIR Worldwide, a Verisk business, has a long-standing presence in the Chinese market as well as broad knowledge of the Asia-Pacific and broader insurance and reinsurance markets.
As a result, PICC Re has chosen to collaborate with AIR Worldwide on a long-term basis, utilising AIR’s advanced models and analytical and client support services based in China, designed to assist with the pricing and management of the reinsurer’s book of reinsurance business.
AIR Worldwide’s catastrophe models in China include the AIR Earthquake Model for China, the AIR Typhoon Model for China, and, the risk modeller released a full suite of earthquake and typhoon models for Southeast Asia in 2016, and the world’s first combined typhoon and inland flood model for Japan, in 2017.
Executive Vice President (EVP) and Head of Global Business Development for Verisk Insurance Solutions at AIR, Dr. Milan Simic, said; “We are honored 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.
“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. This long-term collaboration will only strengthen our commitment and focus on the fast-evolving and growing insurance and reinsurance market in China and the wider Asia-Pacific region, where companies are increasingly turning to AIR for sophisticated tools and services to assess and manage their catastrophe risk.”
