Global reinsurance broker Aon Benfield and Shanghai Typhoon Institute (STI) of China Meteorological Administration – the only state-funded typhoon research institute in China – have entered into an exclusive strategic partnership to boost typhoon research in China and deliver relevant research to the insurance industry.
The partnership is focusing on two initial projects: seasonal typhoon forecasting and real time typhoon tracking and mapping through ImpactOnDemand, Aon Benfield’s proprietary exposure management tool; and developing an historical typhoon database for China to establish a consistent risk view of typhoon hazard and loss potential.
The parties said their partnership will continue to expand to engage in more in-depth research on typhoon activities in the Northwest Pacific Basin.
“In light of the fast developing insurance market in China, the collaboration with STI will help the industry to both better understand typhoon risks in China and guide the development of risk transfer solutions,” said Helen Ye, executive director and head of Catastrophe Reinsurance at Aon Benfield in China.
STI is a state-level institution founded with the approval of the Ministry of Science and Technology, the Ministry of Finance and the Central Office of Personnel Management. STI has developed a database of meteorological information specific to cyclone activities in China.
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