26 August 2014 Insurance

RMS partners with China Re P&C

Catastrophe risk management firm RMS has partnered with China Property and Casualty Reinsurance Company (China Re P&C) to reduce the uncertainty in the RMS China Typhoon model.

RMS said that the technical collaboration with China Re P&C provided it with a deeper insight into China’s typhoon risk that has strengthened the model’s risk differentiation capability.

“China Re P&C’s extensive research into China’s catastrophe risk, which has been carried out over many years, has enabled us to create a robust historical record of catastrophe data,” said Sen Chen, vice president and chief actuary, China Re P&C. “RMS is an important risk management partner for us. We’ve been licensing RMS catastrophe models since 2010 and have established a strong and cooperative relationship.”

Jason Futers, senior vice president and head of Europe and Asia sales at RMS, added: “We are delighted by the opportunity to collaborate with China Re P&C to advance our China Typhoon model. Working together has enabled us to provide a more robust view of China typhoon risk.

“Our model enables enhanced risk differentiation and pricing and portfolio-management of typhoon risk; a peril that is increasingly becoming a driver of annual losses for the industry.”

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