The addition of PICC, China's largest insurer, and Swiss Re, one of the country's leading international reinsurers in agriculture, underlines the growing importance of agricultural risk modelling. ARC's China Agriculture model launched in 2013.
Commenting on the news, Dr Roman Hohl, ARC's Chief Executive Officer, said, "With the addition of Swiss Re and PICC to the list of users of our China Agriculture Model, ARC now covers 59% of the Chinese agriculture insurance premium and 25% of the premium underwritten by reinsurers."
The total agriculture insurance premium in China reached $5bn in 2013. With increasing insurance penetration, higher sum insured per policy holder and the possible expansion into aquaculture, where China is the leading producer globally, it is projected to reach $8bn in 2017.
RMS is part of DMGT.
