Ping An Insurance (Group) Company of China, Ltd. and JBA Risk Management, a global leader in flood risk modelling and analytics, have announced a strategic partnership aimed at improving the accuracy and efficiency of flood risk assessment in China. This collaboration will leverage JBA’s advanced flood modelling capabilities and Ping An's extensive data resources to provide more precise and granular insights into flood hazards.
The partnership will enable Ping An to enhance its underwriting processes, particularly in regions prone to flooding, by incorporating JBA's high-resolution flood maps and data. This will allow for a more nuanced understanding of potential flood impacts, leading to more accurate risk pricing and improved customer service. The integration of JBA’s data into Ping An’s systems will allow for a more detailed analysis of flood susceptibility at a property level, facilitating better risk management and mitigation strategies.
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This collaboration reflects both companies’ commitment to leveraging cutting-edge technology and data analytics to address the growing challenges posed by climate change and increasing flood frequency. By combining their expertise, Ping An and JBA aim to provide insurers and policyholders with more robust and reliable flood risk assessments, ultimately contributing to greater resilience in the face of natural disasters. The partnership will focus initially on specific regions, with the potential for expansion to other markets in the future. Both companies express enthusiasm for the potential of this collaboration to drive innovation and improve flood risk management practices.
This is JBA’s first partnership in China, following its recent investment in China Flood Maps, which show a 60-70% match between past floods and JBA’s generated scenarios.
[Featured image: flooding in Wuhan China, credit sleepingpanda / shutterstock.com]