China Property & Casualty Reinsurance (CPCR) has licensed AIR Worldwide’s (AIR) suite of catastrophe models for China.
CPCR deputy general manager Yuanyuan Li said, "AIR offers a full suite of models for China, including a multiple-peril crop insurance model, which is a growing and important line of business for us."
"The complete view of catastrophe risk provided by AIR will enhance our understanding of our loss potential and enable us to fashion better risk management strategies," Li added.
AIR’ Multiple Peril Crop Insurance Model uses advanced Agricultural Weather Index to identify weather-related perils effects on each crop during different growth stages.
The AIR Typhoon Model has been designed to capture the risk from both wind and flood while enabling global insurers and reinsurers to assess the risk to policies and portfolios.
AIR’s Earthquake Model for China comprises a catalog of more than 580,000 simulated events in addition to damage functions for more than 200 construction types, occupancy classes and CAR/EAR line of business.