PICC Re Collaborates with AIR Worldwide to Manage Its Growing Portfolio
BOSTON, Dec. 18, 2017 — Catastrophe modeling firm AIR Worldwide (AIR) today announced that PICC Reinsurance Company Limited (PICC Re), a leading Chinese reinsurance company approved by China Insurance Regulatory Commission (CIRC), has collaborated with AIR to better assess and manage its growing portfolio of catastrophe risk reinsurance business. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
After it received CIRC approval to start operating as a stand-alone reinsurance entity, PICC Re began looking for strategic allies that could offer comprehensive assistance with pricing and management of its fast-growing reinsurance book of business. Based on AIR’s long-standing presence in China, as well as its extensive knowledge of the wider Asia-Pacific and global (re)insurance market, PICC Re confidently decided to collaborate with AIR on a long-term basis. AIR’s advanced models and associated analytical and client support services based in China will be instrumental in successfully assisting in the pricing and management of PICC Re’s growing book of business.
AIR’s innovative catastrophe models are state-of-the-art and incorporate advances in science and engineering to provide a broad and realistic view of risk. The AIR Earthquake Model for China draws on the country’s long historical catalog of events and was developed in collaboration with leading local research organizations. The AIR Typhoon Model for China has been the first mainstream model to capture the risk from both wind and flood—a critically important feature because standard residential, commercial, and construction-all-risks/erection-all-risks (CAR/EAR) policies generally cover both perils. Additionally, AIR released a full suite of earthquake and typhoon models for Southeast Asia in 2016 and the first-ever combined typhoon and inland flood model for Japan in 2017.
“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,” said Dr. Milan Simic, executive vice president and head of global business development for Verisk Insurance Solutions and AIR. “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.”
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber attacks globally. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
About PICC Re
PICC Re is the third Chinese reinsurance company approved by CIRC and jointly established by People’s Insurance Co. (Group) of China Ltd. and PICC Property and Casualty Co. Ltd. PICC Group is currently among the Fortune Global 500. PICC P&C is the largest property/casualty insurer by premiums in China. PICC Re officially commenced operations on February 23, 2017, and is principally engaged in commercial reinsurance, property insurance, life insurance, short-term health insurance, and accidental injury insurance in China. PICC Re is based in Beijing, with current registered capital of 3 billion RMB.