AIR partners with Pana Harrison
Catastrophe modelling firm AIR Worldwide (AIR) has collaborated with Pana Harrison (Asia), a Singaporean and Lloyd's registered general insurance and reinsurance broker, to better assess and manage catastrophe risk on behalf of its clients.
"To provide our clients with the most comprehensive view of typhoon and earthquake risk in China, we needed reliable assessments of catastrophe risk," said Richard Lim, deputy chief executive officer of Pana Harrison.
"Based on AIR's long-standing presence in Singapore, as well as their extensive regional knowledge of the Asian insurance market, we are confident in our decision to collaborate with them. AIR's advanced models and analytical services will be instrumental in advising our clients in the most effective way to structure their reinsurance programmes."
AIR's earthquake model for China incorporates a catalogue of more than 580,000 simulated events, as well as damage functions for more than 200 construction types and occupancy classes, including damage functions for the CAR/EAR line of business. That line comprises a higher portion of insurance business here than in many other regions because of China's continued and rapid growth.
Ashish Jain, assistant vice president at AIR Worldwide, Singapore, said: "We are delighted that Pana Harrison has decided to leverage the combined power of our Touchstone platform and our market-leading models for China to advise their clients. Our business relationship with Pana Harrison reflects our continued focus on and growth in this evolving insurance/reinsurance market and wider Asia-Pacific region, where companies are increasingly turning to AIR for sophisticated tools and services to assess and manage their catastrophe risk."
