Foreign, Domestic Experts Jointly Assess Flood RiskInternational insurance giant, Chubb Group of Insurance Companies, recently completed a joint research program on flood risks in east China's Shanghai city, according to the Beijing representative office of Chubb Friday.The "Pudong New Area Flood Research program" was sponsored by Chubb and carried out by the National Working Group on Natural Disasters, a standing committee of the State Institute of Water and Hydraulic Research. Results of the joint research program include a digital map that will enable insurance companies to offer coverage in the Pudong New Area in Shanghai and develop associated loss prevention measures. Zhou Yanli, Director of the Shanghai Office of the China Insurance Regulatory Commission, said the new flood map will improve the accuracy of flood risk assessment and lay a sound foundation for future disaster prevention in Pudong New Area, a hub for technology related industries in the city. Situated on a low lying plain, the Pudong New area has historically been prone to flooding, the result of frequent tidal activity and seasonal monsoons. Construction in the Pudong New Area continues at a rapid pace, in turn fueling the demands of high tech enterprises for world-class property insurance and risk management services. To address these issues, the Chubb Group of Insurance Companies and the other nine sponsors, signed an agreement with the National Working Group on Natural Disasters, of the State Institute of Water and Hydraulic Research in April 2000, to initiate the " Pudong New Area Flood Research" project. The scale of the digitized topography and flood maps produced in the Geographic Information System (GIS) format is 1:1,000. The topography map contains detailed information about urban facilities and construction. The scale of the map for the Wai Gao Qiao area is enlarged to 1:500. The maps detail flood prone and waterlogged areas through the use of colors to indicate various flood depths. This additional detailing is intended to aid users gauge the risk of floods in the area. "This very thorough body of research will not only help us better understand the nature and severity of flooding in the area, and thereby develop more effective preventative measures, but it will also provide underwriters with an important new tool to better gauge the risks," Chubb's Asia Pacific Zone Officer Chris Giles said. Chubb opened its first representative office in 1994. From 1998 to 1999, it spearheaded a joint initiative with the Flood Research Agency to provide digital mapping of flood prone areas in Shenzhen. Currently, Chubb has representative offices in Beijing and Shenzhen and it has won approval to open its first wholly owned insurance branch in Shanghai. |
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