On 12 May 2018, the tenth anniversary of the Wenchuan earthquake, China Re Group held the “China Re Catastrophe Risk and Insurance Summit 2018: Earthquake Risk and Management and Insurance” in Chengdu. Hu Donghui, deputy director of the Central Huijin Securities institution Management Department/ Insurance Institution Management Department, Xie Lili, academician of the Chinese Academy of Engineering, Yao Qinghai, president of The Insurance Institute of China, and Zhuo Zhi, principal of the Southwest University of Finance and Economics attended the forum. Yuan Linjiang, chairman of the China Re Group delivered a speech at the opening ceremony. He Chunlei, the executive vice president of China Re Group presided over the forum. More than 140 leaders, guests and senior experts from government departments, industry organizations, insurance companies in the same industry and research institutes attended the forum.
At the forum, China Re Group released China's first earthquake catastrophe model with independent intellectual property rights. China Re Group carried out in-depth cooperation with state-level authoritative scientific research institutions such as Institute of Geophysics and Institute of Engineering Mechanics of China Earthquake Administration Institute, using the latest data and techniques from China Earthquake, developed an earthquake catastrophic model that meets China's national conditions in light of China's geological structure, seismic activity characteristics and building structure information. The model simulates a total of more than 3 billion random incidents in China and its surrounding areas for 5 million years. It covers the different possibilities of earthquakes at different levels in different regions and is highly scientific and authoritative. This research and development achievement will greatly improve the accuracy of earthquake loss assessment in China's insurance industry and provide key technical support for seismic catastrophe insurance pricing, risk identification, business portfolio optimization, and risk accumulation management.
Yuan Linjiang said in his speech that in the ten years after the Wenchuan earthquake, China’s disaster prevention and management system was continuously improved, catastrophe insurance was a matter of national economy and people’s livelihood, and reinsurance was an indispensable part of the catastrophe insurance system. As a “national team, main channel, and main force” of reinsurance, China Re Group has consistently adhered to the core business of reinsurance in recent years. It adhered to the idea of “emphasizing on reinsurance as the core business of China Re” and actively played an important role in the national disaster system construction. Following the launch on 11 December 2017 of the China Re catastrophe platform phase I - "Zai Shang" and "Zai Kan" new information platform, the official launch of China's first earthquake catastrophic model with independent intellectual property rights will inject new impetus for the insurance industry to participate in earthquake disaster prevention and reduction. Looking into the future, China Re Group will use Xi Jinping’s socialist ideology with Chinese characteristics as a guideline to fully implement the spirit of the Nineteenth Party Congress, help the industry return to its original source of protection, and make greater contributions to the construction of China’s catastrophic risk management system.
Hu Donghui pointed out that China Re Group has actively responded to the requirements of the development of the country and the industry and achieved great development in the field of catastrophic disasters. The self-developed earthquake catastrophe model in China is a major breakthrough in the field of catastrophe insurance in China. Central Huijin will fully support China Re Group in actively fulfilling its national reinsurance role and responsibilities, and will play an active role in the construction of China's catastrophe insurance system.
The forum invited domestic and foreign experts and scholars such as Xie Lili, academician of the Chinese Academy of Engineering, Quai Caishi, executive vice president of PICC, Gao Mengtan, a distinguished expert from the China Reinsurance Catastrophe Research Center (former Deputy Director of the Institute of Geophysics, China Earthquake Administration), Daniel Marshall, General Counsel of the California Seismological Bureau, Dr. Pan Tso-Chien, executive director of ICRM, Darryl Pidcock, Head of Perils for Asia Pacific, Chi Hong Hum, global distribution director of Sinomax Securities, Zhang Renjiang, general manager of China Life Insurance, and Zuo Huiqiang, deputy general manager of China Life Insurance, Zhou Junhua, director general of China Reinsurance Catastrophe Research Center and Yin Jianming, senior catastrophe expert in China's reinsurance industry, to conduct in-depth discussions and share experiences on the hot issues of earthquake risk management and insurance practice in China, from the important value of earthquake catastrophe insurance, to the way of thinking and method of establishing a catastrophe insurance system, and to divert seismic risk from industry forces, and to realize the transfer of earthquake risk through capital markets.
Ten years after the Wenchuan earthquake, China Re Group successfully launched China’s first earthquake catastrophe model with independent intellectual property rights to commemorate the compatriots who were killed in the Wenchuan earthquake and will use this as a new starting point to continue to develop the natural disaster catastrophe model in line with China’s national conditions, continuously improve the technical level of catastrophe risk management in the insurance industry and promote insurance/reinsurance to play an increasingly important role in the national multi-level catastrophe risk dispersion mechanism.
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