Big data empowers reinsurance, and helps the construction of the risk management system in the insurance industry
Createtime：2019-08-22
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On Aug. 22, China Re Catastrophe Risk and Insurance Summit 2019 and China Earthquake Catastrophe Model Press Conference were held. China Re Group released the first “China Earthquake Catastrophe Model 2.0” with independent intellectual property rights, certified by the Seismological Society of China and can be used commercially. He Chunlei, Vice Chairman and CEO of China Re Group, presided over the summit. Shen Rujun, General Manager of Central Huijin, Niu Zhijun, Deputy Director of China Earthquake Administration, Dong Degang, Deputy Director General of the Finance Department of the Ministry of Finance, Wang Simiao, Deputy Director of the Property Insurance Supervision Department of China Insurance Regulatory Commission, and Yuan Linjiang, Chairman of China Re Group attended the summit and delivered speeches. As a long-term strategic partner of China Re Group and a representative of enterprises entrusted to develop Earthquake Catastrophe Model, NavInfo, along with nearly 100 experts from the Ministry of Science and Technology, Ministry of Finance, Ministry of Emergency Management, earthquake research institutes and the insurance industry, etc., witnessed the launch of China Earthquake Catastrophe Model and carried out in-depth exchanges on earthquake catastrophe risk management related topics.
“China Earthquake Catastrophe Model” is the result of the government, academic circle and enterprises through active innovation and collaborative efforts. This Model, certified by the Seismological Society of China, reached international advanced level. The model platform has been tested and certified by authoritative software and testing agencies, has complete technical certificates and user and technical documents and a complete training and operational service system. It has met the requirements for commercial application. This will fundamentally change the history of China’s long-term relying on the foreign Earthquake Catastrophe Model, and provide new drivers for the insurance industry to participate in earthquake disaster prevention and mitigation in an in-depth way, which is of milestone significance for improving China’s earthquake catastrophe risk quantitative management ability systematically.
“China Earthquake Catastrophe Model” has been highly concerned and recognized by the participants for its scientific, practical and wide applicable features. Firstly, as it’s very scientific, China Earthquake Catastrophe Model is able to simulate a total of more than 300 million random earthquake events in mainland China and its surrounding areas in 5 million years and realize the precise calculation of economic loss and insurance loss of tens of thousands of buildings with different construction dates, heights, uses, structural systems, etc. in earthquake simulation. The model calculation is extremely fast, and the calculation results meet the actual situation in China. Secondly, it’s very practical, it can be used commercially by insurance companies to develop refined catastrophe risk zoning and quota management, quickly evaluate the insurance loss of the underwriting business and optimize the design of the reinsurance scheme; In addition, it can be used by the relevant government departments to quickly evaluate the earthquake disaster economic loss and assist in the development of the integrated planning scheme for earthquake disaster prevention and mitigation. Thirdly, as it’s widely applicable, China Earthquake Catastrophe Model has built the customized service scheme, users can flexibly customize model application of different scenarios according to their needs and select cloud online application or deployment online integration with the local system.
The project leader of NavInfo said that as one of the shareholders of China RE CRM, NavInfo had a very close partnership with China Re Group. Relying on their own advantageous resources, both sides have been carrying out in-depth and extensive cooperation in the field of China reinsurance. He said, Cennavi, a professional big data company of NavInfo, is responsible for the relevant upgrading and optimization of “China Earthquake Catastrophe Model” related GIS services and visualization solutions. As a professional GIS service provider and location-based service provider in China, Cennavi has massive and multi-source big data of location and has built an authoritative national location database. Focusing on data, algorithms and services, Cennavi is able to provide enterprise-level intelligent location solutions. The independently developed MineData Location Big Data Platform has a daily processing capacity of 3.9TB, and a total storage capacity of 5.13PB. The unique massive data intelligent processing capacity and quick visualization based on its own engine have been fully demonstrated in the relevant upgrading and optimization of “China Earthquake Catastrophe Model”.
The cooperation between the two sides has greatly supported the specialized operation of a catastrophe platform and construction of a catastrophe risk management system of sustainable development. Both sides will fully integrate their own resource advantages, and constantly deepen their efforts in the insurance sector, continuously improve the catastrophe risk management ability of China’s insurance industry and promote insurance/reinsurance to play an increasingly important role in the national multi-level catastrophe risk diversification mechanism.
