Ping An Insurance partners with UK firm for advanced flood risk management

The agreement marks JBA’s first partnership in China.

Ping An Insurance (Group) Company of China has signed a flood maps licensing agreement with UK-based JBA Risk Management to enhance its underwriting and risk management capabilities. 

JBA’s high-resolution flood maps will be integrated into Ping An’s Digital Risk System (Ping An DRS) within Ping An Property & Casualty (P&C). 

This integration will enable the insurer to offer advanced flood risk reduction services whilst improving risk-based pricing and accumulation risk analysis.  

The agreement marks JBA’s first partnership in China and follows its recent investments in China Flood Maps, particularly in Hong Kong, the Pearl River Delta, and the National Capital Region. 

Ping An reviewed JBA’s flood maps before the deal and found a 60% to 70% match between past real-life flood events and JBA’s predicted scenarios.  

Ping An Group’s Chief Scientist, Dr. Xiao Jing, said the partnership will refine the insurer’s risk management strategies amidst rising climate risks. 

JBA’s Executive Chair, Simon Waller, noted that Ping An’s adoption of JBA’s flood data will support its risk-based pricing, accumulation, and reinsurance processes.