Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, and Shanghai Typhoon Institute (STI) of China Meteorological Administration – the only state-funded typhoon research institute in China – have entered into an exclusive strategic partnership to boost typhoon research in China and deliver relevant research to the insurance industry.
The partnership, part of Aon Benfield Research’s global academic and industry collaboration, is focusing on two initial projects:
• 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 scope of the partnership will continue to expand to engage in more in-depth research on typhoon activities in the Northwest Pacific Basin.
Will Gardner, Head of Aon Benfield Analytics in Asia Pacific, commented: “We are delighted to partner with STI and gain access to accurate and reliable data on tropical cyclone activities over a long historical period and on an ongoing basis within China. This in turn enables insurers to make informed decisions in risk management.”
Helen Ye, Executive Director and Head of Catastrophe Reinsurance at Aon Benfield in China, said: “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. We are excited to develop a center of excellence in China to better serve the market.”
Dr. Xiaotu Lei, Director of STI, added: “STI’s mission is to undertake applied research on tropical cyclones. We very much look forward to working with Aon Benfield to make our research more accessible and beneficial to the insurance market through its global platform.”
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.