Ping An Insurance Enhances Flood Risk Management with JBA Risk Management Partnership
Ping An Insurance (Group) Company of China has forged a strategic partnership with renowned UK-based flood expert, JBA Risk Management. This alliance aims to bolster Ping An’s underwriting and risk management capabilities by leveraging JBA’s advanced flood maps.
As flood risks escalate in China, both in frequency and severity, this collaboration underscores the importance of addressing these challenges. JBA’s high-resolution flood maps will be seamlessly integrated into Ping An’s Digital Risk System (Ping An DRS) within its Property & Casualty (P&C) division. This integration will enable Ping An P&C to provide sophisticated flood risk mitigation services, offering valuable insights into risk-based pricing and potential accumulation risks.
This venture marks JBA’s inaugural collaboration in China and follows its recent enhancements in China Flood Maps, particularly for Hong Kong, the Pearl River Delta, and the National Capital Region. The update reflects significant infrastructure developments in Eastern China.
Ping An’s decision to partner with JBA came after a comprehensive review of JBA’s flood maps, which demonstrated a remarkable 60-70% match between historical flood impacts and the scenarios projected by JBA’s high-resolution maps.
Dr. Xiao Jing, Chief Scientist at Ping An Group, stated, “At Ping An, innovation is at the core of our operations. JBA Risk Management’s high-resolution flood maps set a new benchmark in precision for flood risk analysis, empowering us to refine our strategies in underwriting and risk management amidst a rapidly changing climate. With the increasing occurrence and intensity of floods in China, this partnership enhances our capability to make data-driven decisions, ensuring robust risk-based pricing and effective management of accumulation risks. We are eager to harness this cutting-edge technology to better safeguard our customers and contribute to a more resilient future.”
Simon Waller, Executive Chair at JBA Risk Management, remarked, “We are thrilled that Ping An, a globally esteemed, technology-driven financial group, has selected our robust, science-led flood data to inform its processes in risk-based pricing, accumulation, and reinsurance. We look forward to the continued success of our collaboration.”
