Boston - Following the release of a detailed China earthquake model earlier this year, Boston-based AIR Worldwide Corp. (AIR) and ISO, Jersey City, N.J., plan to open a Beijing Representative Office in China.
"The opening of our office is an important step as we begin to service the China insurance market," said Mr. Kenneth Zou, AIR's chief representative for China. "AIR's catastrophe risk modeling capabilities and ISO's expertise in data management and rating, underwriting, and claims adjudication will help China's insurers, reinsurers, and risk managers manage their risk effectively and efficiently."
ISO provides products and services that help measure, manage and reduce risk.
AIR's commitment to the China insurance market has continued to grow over the past two years. The catastrophe model enables insurers and reinsurers to estimate potential property losses caused by earthquakes for multiple lines of business. To accommodate insurance coverage needs in the rapidly developing country, AIR's China earthquake model incorporates special damage functions for structures under construction, typically covered by construction all risks/erection all risks policies. The model was recently used to complete an earthquake risk analysis for PICC Property and Casualty Company Limited, the largest insurer in China.
As a subsidiary of ISO, AIR provides more than 400 insurers, reinsurers, government agencies and corporations worldwide with the models necessary to assess and manage catastrophe and weather-related risk. AIR models natural catastrophes in more than 40 countries and the risk from terrorism in the United States. Other areas of expertise include site-specific seismic engineering analysis, catastrophe bonds, and property replacement cost valuation.
Source: Business Wire
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