AIR Worldwide Corporation (AIR) and ISO reported the opening of the AIR Worldwide Corporation Beijing Representative Office in China. AIR, a subsidiary of ISO, helps more than 400 insurers, reinsurers, government agencies and corporations worldwide assess and manage catastrophe risk.
“The opening of our office is an important step as we begin to service the China insurance market,” said Kenneth Zou, AIR’s chief representative for China. “AIR’s catastrophe risk modeling capabilities and ISO’s expertise in data management and rating, underwriting, and claims adjudication will help China’s insurers, reinsurers, and risk managers manage their risk effectively and efficiently.”
AIR’s commitment to the China insurance market has continued to grow over the past two years. AIR released its detailed China earthquake model earlier this year. The model enables insurers and reinsurers to estimate potential property losses caused by earthquakes for multiple lines of business.
To accommodate insurance coverage needs in the rapidly developing country, AIR’s China earthquake model incorporates special damage functions for structures under construction, typically covered by construction all risks/erection all risks (CAR/EAR) policies. The model was recently used to complete an earthquake risk analysis for PICC Property and Casualty Company Limited, the largest insurer in China.
The AIR Worldwide Corporation Beijing Representative Office is located at One East Chang An Avenue, Dong Cheng District, Beijing 100738, China. The telephone number is 86 10 8520 0042.
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