Newark, Calif.-based Risk Management Solutions has opened a new office in Beijing, China, as a sign of its commitment to support the growth of the property insurance industry and risk mitigation efforts in China. The office in central Beijing will be headed by Zifa Wang, an earthquake engineering expert who has joined RMS from the China Institute of Engineering Mechanics (IEM), where he was formerly the director and research professor.
China is 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 hazard, RMS said. The devastating impacts of the May 2008 Wenchuan Earthquake highlight the importance of risk mitigation and the instrumental role insurance has in helping to accelerate recovery efforts.
“It’s clear that China’s insurance industry is set to become a driving force on the global scene, and that this demands specialized solutions that can be delivered against the challenges of rapid growth,” said Matthew Grant, global head of client development at RMS.
Prior to joining the IEM – a government sponsored, non-profit research institute – as director in 2003, Wang worked in various IT companies as a principal software engineer in Silicon Valley, California. Before that, from 1995 to 1998, he was at RMS where he developed earthquake and financial models.
Topics China Risk Management Earthquake
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