China re launches Earthquake Catastrophe Model v2.0′
One hundred experts from the Ministry of Science and Technology, the Emergency Management Department, seismological science research institutes and the insurance industry convened for the summit and unveiling of ‘China Earthquake Catastrophe Model v2.0’. China Reinsurance Group (China Re) launched the ‘China Earthquake Catastrophe Model v2.0’, the country’s first proprietary commercial earthquake catastrophe model certified by the Seismological Society of China, at the 3rd China Re Catastrophe Risk and Insurance Summit held here on Thursday, August 22. This was a milestone that will fundamentally change China’s long dependence on foreign earthquake catastrophe models, and systematically improve the capacity of China’s earthquake catastrophe risk quantitative management. Nearly one hundred experts from the Ministry of Science and Technology, the Emergency Management Department, seismological science research institutes and the insurance industry had convened for the summit, and to witness the unveiling of ‘China Earthquake Catastrophe Model v2.0’. China Re has held the Catastrophe Risk and Insurance Summit for three consecutive years, since establishing the China Reinsurance Catastrophe Research Center in 2017. ‘China Earthquake Catastrophe Model v2.0’ is a concerted milestone achievement by the government, academia and enterprise. To develop the model, China Re initiated the China Re Catastrophe Risk Management Company, the country’s first fin-tech corporation for catastrophe risk control, and brought in a professional model development team with overseas working experience. China Re integrated its scientific research and data resources with the support of professional research institutes including the Institute of Geophysics, and Institute of Engineering Mechanics of the China Earthquake Administration. China Re applied for the State Key Research Project, ‘Earthquake Insurance Loss Assessment Model and Applications’, and received additional funds from the Ministry of Science and Technology. The research grants ensured that the model was completed within two years. Currently, the model has been recognized by the Seismological […]