Asia

RMS opens Beijing office

The US risk management and catastrophe modelling firm, Risk Management Solutions (RMS) has opened a new office in Beijing. The office will be headed by Zifa Wang, a well-known earthquake engineer who has joined RMS from the China Institute of Engineering Mechanics (IEM) where he served as director and research professor. Matthew Grant, global head of client development at RMS, said that the Chinese insurance industry created new demand for risk management. particularly its demand for catastrophe modelling tools. Mr Grant noted that China was highly exposed to natural hazards, and has the largest concentration of earthquake risk in the world, with almost half of the population living in areas of high to moderate earthquake risk. He said the devastating impact of the May 2008 Wenchuan Earthquake highlighted the importance of risk mitigation and the role of insurance has in helping to accelerate recovery efforts. Mr Wang previously worked at RMS where he developed earthquake and financial models.