Rapid development within the Chinese economy and property insurance market has led to an increased demand for insurers to incorporate risk engineering expertise and services, according to ANZIIF subject matter expert (SME) Zhou Jie, Head of Engineering at HSB Technical Consulting & Service, China.

Leveraging risk data

Zhou, who supported the development of ANZIIF’s Advanced Diploma of Risk Surveying, says the Chinese property and construction market, in particular, greatly values professional and creditable risk engineering services provided by insurance companies.

However, in general, insurance companies lack universal benchmarks for the evaluation, differentiation and mitigation of risks, and the way risk factors can be leveraged to support underwriting decisions.

“Given its value in the entire risk management and insurance ecosystem, risk engineering should not be a standalone function,” Zhou asserts.

“It needs to become an integral part of the value chain to enable sustainable [property] development and maximise customer value.” 

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