Ping An partners with JBA to enhance flood risk management

Ping An Insurance (Group) Company of China has entered a flood maps licensing agreement with UK-based flood specialist JBA Risk Management to enhance its underwriting and risk management capabilities.

The partnership reflects the growing significance of flood risk in China, where both the frequency and severity of flood events have been rising.

JBA’s high-resolution flood maps will be integrated into Ping An’s Digital Risk System (Ping An DRS) within its Property & Casualty (P&C) business, enabling Ping An P&C to deliver advanced flood risk reduction services while providing valuable insights into risk-based pricing and accumulation risks.

This marks JBA’s first collaboration in China and follows its recent investment in China Flood Maps, particularly for Hong Kong, the Pearl River Delta, and the National Capital Region. The update includes details of heavy infrastructure developments in Eastern China.

Ping An entered the agreement following a major review of JBA’s flood maps, which showed a 60-70% match between the impact of past flood events and the expected scenarios generated by JBA’s high resolution flood maps.

Dr. Xiao Jing, Chief Scientist at Ping An Group, commented, “At Ping An, innovation is at the heart of everything we do. JBA Risk Management’s high-resolution flood maps not only set a new standard for precision in flood risk analysis, but also empower us to refine our underwriting and risk management strategies in a rapidly changing climate. With the increasing severity and frequency of flood events in China, this partnership enhances our ability to make data-driven decisions, ensuring robust risk-based pricing and effective management of accumulation risks. We look forward to leveraging this cutting-edge technology to better protect our customers and contribute to a more resilient future.”

Simon Waller, Executive Chair at JBA Risk Management, added, “We are delighted that Ping An, a globally recognised, technology-driven financial group has chosen our robust, science-led flood data to inform its risk-based pricing, accumulation and reinsurance processes. We look forward to the ongoing success of our collaboration.”

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