Peak Re partners to boost typhoon expertise
Hong Kong-based reinsurer Peak Re has partnered with the Shanghai Typhoon Institute (STI) of China Meteorological Administration to boost research on Chinese typhoon activities.
Peak Re and the STI will collaborate on research projects related to North West Pacific basin and South China Sea tropical cyclone activities and the impact of these cyclones on the insurance market.
“The cooperation with STI is a major step for Peak Re to join forces with a highly recognised research institute in China to provide firsthand data on tropical cyclone activities,” said the reinsurer. “The upcoming tropical cyclone seasonal forecasts will benefit the insurance industry to better mitigate the related risks.”
Lawrence Cheng, head of analytics for Peak Re, said: “We are excited about this exclusive partnership with STI and are delighted to support such projects and contribute to the advancement of valuable forecasting on China typhoon activities. This partnership shows our commitment to providing added values to our clients’ to best serve the Chinese community.”
Dr Lei Xiaotu, head of STI, added: “STI is honoured to form this strategic partnership with Peak Re. This collaboration not only promotes cutting-edge scientific research, but also assists the insurance industry to better quantify and manage risks.
“It achieves the purpose of applying research findings to benefit society. Peak Re is a young and passionate company which aims to become a top-tier reinsurer. We look forward to growing with them through this partnership.”