On 18 May, the China Typhoon Catastrophe Model 2.0 technology achievement evaluation seminar was held at China Re Building by China Meteorological Society as commissioned by China Re Catastrophe Risk Management Co., Ltd. The successful launch of the technology achievement evaluation seminar marked a significant progress in the research and development of the China Typhoon Catastrophe Model 2.0, which is now ready for official launch.

　　The judge panel unanimously agreed that the China Typhoon Catastrophe Model 2.0 project has filled the gap in the domestic industry and reached the international advanced level as a whole. The model has, for the first time, developed a typhoon catastrophe model due to the interconnection of multiple catastrophes including typhoon random event set, wind farm, rainfall, wind storm, flood, etc., and built a typhoon catastrophe insurance vulnerability model and a high-precision industry exposure database in line with China’s national conditions. Based on ultra-performance calculations, the model has established an advanced and commercialized cloud platform for China’s typhoon catastrophe model. The model has significant advantages such as complete fundamentals, advanced methods and dynamic simulation of the whole process.

　　The China Typhoon Catastrophe Model 2.0 is the first typhoon catastrophe model with independent intellectual property rights for commercial application in China. In the future, it will be applied in quantitative catastrophe risk zoning and risk accumulation management of primary insurers, reinsurers and insurance brokers, which is conducive to quickly assessing the insurance loss of underwriting business, optimizing the design of reinsurance plans, improving the efficiency of capital utilization, reducing operating costs, and enhancing the pricing of China catastrophe insurance and the position of China’s insurance industry in the international catastrophe market.  At the same time, the China Typhoon Catastrophe Model 2.0 can directly meet the national demand for disaster prevention and mitigation, provide services for government departments to carry out typhoon prevention and mitigation, establish economic compensation mechanism for catastrophe insurance, and prevent major financial risks, so as to drive the development of the national modern disaster risk management system.