Ping An Insurance (Group) Company of China has entered a flood maps licensing agreement with UK-based flood scientists JBA Risk Management to support its underwriting and risk management offering. The move by the technology-powered financial services group also reflects the increasing importance of flood as a peril in China, with a recent rise in both the frequency and severity of flood events across the country.
The flood data and intelligence from JBA’s high resolution flood maps will be integrated into the insurer’s sophisticated Digital Risk System (Ping An DRS), implemented within Ping An Property & Casualty (P&C). This integration enables Ping An P&C to deliver advanced flood risk reduction services while providing valuable insights into risk-based pricing and potential accumulation risks.
The tie-up with Ping An is a first for JBA in China and follows on from the flood specialist’s recent investment in its China Flood Maps, particularly for Hong Kong, the Pearl River Delta and the National Capital Region – including details of heavy infrastructure developments in Eastern China.
Ping An entered the data licensing deal following a major review of JBA’s flood maps. It found an impressive 60-70% match when comparing the impact of real-life, past flood events with the expected scenarios using JBA’s high resolution flood maps.
Dr. Xiao Jing, Chief Scientist, 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, 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.”