Ping An Insurance (Group) Company of China has entered into a strategic partnership with UK-based JBA Risk Management to enhance its flood risk management and underwriting capabilities. This agreement, which includes a licensing deal for JBA’s high-resolution flood maps, marks the first collaboration of its kind for JBA in China.
Under the terms of the agreement, JBA’s flood maps will be integrated into Ping An’s Digital Risk System (Ping An DRS), a key component of Ping An Property & Casualty (P&C). This integration will allow Ping An to improve its risk-based pricing models, enhance accumulation risk analysis, and offer more advanced flood risk reduction services.
The collaboration follows JBA’s recent investments in flood mapping across China, particularly in Hong Kong, the Pearl River Delta, and the National Capital Region. Ping An’s assessment of JBA’s flood maps revealed a 60% to 70% accuracy in predicting real-life flood events.
Dr. Xiao Jing, Chief Scientist at Ping An Group, emphasized that the partnership would strengthen the company’s ability to manage the growing risks associated with climate change. Simon Waller, Executive Chair of JBA, highlighted that the use of JBA’s flood data would significantly enhance Ping An’s risk-based pricing, accumulation, and reinsurance strategies.
This partnership marks a significant step in flood risk management, combining Ping An’s vast experience in insurance with JBA’s expertise in flood modeling.
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