Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, has entered into partnership with Shanghai Typhoon Institute (STI) of China Meteorological Administration, to boost typhoon research in China and deliver relevant research to the insurance industry.
The initial two projects focused by the partnership include: seasonal typhoon forecasting and real time typhoon tracking and mapping through ImpactOnDemand, Aon Benfield’s proprietary exposure management tool.
Developing an historical typhoon database for China to establish a consistent risk view of typhoon hazard and loss potential.
The insurer said that the scope of the partnership will continue to expand to engage in more in-depth research on typhoon activities in the Northwest Pacific Basin.
Aon Benfield China catastrophe reinsurance head and executive director Helen Ye said that 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.
STI is a state-level institution founded with the approval of the Ministry of Science and Technology, the Ministry of Finance and the Central Office of Personnel Management. STI has developed and maintains a database of meteorological information specific to cyclone activities in China.