Alliance aims to develop historical database to help with consistent risk profiling
Global broking firm Aon Benfield has entered into an exclusive partnership with a Chinese meteorology firm to boost typhoon research in China.
Shanghai Typhoon Institute of China Meteorological Administration joins Aon to focus on two initial projects aimed at developing stronger risk profiles for insurers: The projects include:
- seasonal typhoon forecasting and real time typhoon tracking and mapping through ImpactOnDemand, Aon Benfield's proprietary exposure management system.
- developing an historical typhoon database for China to establish a consistent risk view of typhoon hazard and loss potential.
Aon Benfield’s head of catastrophe in China, Helen Ye, said: "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.”