Risk Management Solutions (RMS) announced a partnership with Asian Capital Reinsurance Group (ACR) to develop catastrophe risk models designed to appeal to the Asian market. Through the agreement, RMS plans to research solutions tailored to the needs of the Asian market, including an expansion of natural hazard models, food security and infectious diseases, and micro insurance solutions on sustainable principles.
“This exciting agreement is an opportunity to progress toward a deeper understanding of risks in Asia and help address the gaps where greater risk insight is needed by the industry,” said John Tan, chief executive of ACR. “Through this collaboration, we will be making significant strides toward providing clients with a true view of the technical risk based on their exposures in Asian markets. At the same time, we will enhance our risk interpretation and analytical capabilities, ensuring we are at the forefront of the industry in providing value to clients.”
RMS cited recent typhoons and earthquakes, specifically the 2008 earthquake in Wenchuan, China, and globalization as factors contributing to emerging risks in the region.
“Asia’s insurance industry is set to play a major role on the global stage and this demands a deeper understanding of new and emerging catastrophe risks,” said Hemant Shah, president and CEO of RMS.
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