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SPOTLIGHT
AEGON Religare Life Insurance Company Limited
© 2009 IUP. All Rights Reserved.
COVER STORY
The Future of Enterprise Risk Management
-- Robb Luck and Chris Karow
The more optimistic economic forecasters suggest that we may have reached the beginning of the end of the global financial crisis. However, no one is saying yet that the turbulence is over. The insurance sector faces stiff headwindsearnings pressure, access to capital, investment volatility, and additional ratings downgrades. Novel ERM approaches are the need of the hour.
© 2008 American Academy of Actuaries. This article was first published in the Jul/Aug 2009 issue of the Contingencies Magazine. Reprinted with permission.
COVER STORY
Enterprise Risk Management: ERM by Hannover Re – Tested by the Crisis
-- Eberhard Muller and Heike Klappach
Its group-wide ERM system helped Hannover Re to cope with the recent credit crisis and high hurricane losses, while maintaining financial strength.
© 2009 Towers Perrin. This article was first published in the 2009/2 issue of Towers Perrin's Emphasis magazine. Reprinted with permission in its entirety.
NON-LIFE INSURANCE
Non-life Insurers and Challenges in the Emerging Market Scenario
-- GV Rao
With premium growth declining and other business costs including claims going up, with more competition injected into the market and with the domestic economy skidding, the non-life insurers are at their wit's end to climb out of the abyss they find themselves in post-detariffication. This article analyzes the situation and provides a few suggestions to solve the crisis.
© 2009 IUP. All Rights Reserved.
NON-LIFE INSURANCE
The Role of Actuary General Insurance Business in India
-- R Qaiser
Actuarial techniques now find practical application in the operation of a general insurance company. But there is lack of awareness and appreciation of this fact, even amongst the staff and officers of insurance companies, which calls for a change. This article discusses the role of the Appointed Actuary as per the regulations of IRDA and goes beyond to examine other areas in general insurance operation where the services of Actuaries can be utilized.
© 2009 IUP. All Rights Reserved.
UNDERWRITING MANAGEMENT
Insurance Contracts Agent's Role as a Frontline Underwriter
-- G Gopalakrishna
An insurance contract is one of utmost good faith. The insurers cannot possibly be aware of all the details of health, family history, habits, and other matters relevant for the assessment of risk. The insurance company depends on the agent for true and correct representation of the insured in the agent's confidential report. The agent being the face of the insurance company, who sees the prospect physically and gets to know everything about him and finds him eligible for cover, is referred to as the `Frontline Underwriter'.
© 2009 IUP. All Rights Reserved.
RISK AND INSURANCE
An Overview of RBC: Life Insurance Perspective
-- SP Chakraborty and J Anita
The authors opine that while it may not be possible for a company to hold enough capital for every conceivable contingency, at the same time insurers cannot run the risk of insolvency with too frequent events; and RBC provides the answers.
© 2008 IRDA Journal. This article was first published in the July 2009 issue of IRDA Journal. Reprinted with permission.
REGULATION
Federal Regulation Good or Bad; Wanted or Unwanted?
-- Phil Zinkewicz
Recent large losses have opened the door to federal reinsurance programs; will regulation follow?
©2008 Rough Notes (www.roughnotes.com). This article was first published in the August 2009 issue of Rough Notes. Reprinted with permission.
TECHNOLOGY
Technology: Changes Ahead
-- Ron Clark
As a result of the financial meltdown, changes are coming to the insurance industry, and technology will play an important role. A report from the ACORD LOMA Insurance Systems Forum.
© 2009 LOMA (www.loma.org). All Rights Reserved. Reprinted with permission from LOMA's Resource magazine, August 2009 issue. LOMA is an international insurance association.
HEALTH INSURANCE
Using Group Captives for Health Insurance
-- Jeff Fitzgerald
Historically, few have used captives to insure health and accident risks due to both misperceptions and valid concerns. But these concerns have been overblown, and it may be time to reconsider captives for managing health costs.
© 2009 Risk and Insurance Management Society, Inc. All Rights Reserved. This article was first published in the July/August 2009 issue of Risk Management Magazine. Reprinted with permission.
MICRO-INSURANCE
Insurance Distribution Strategies for the Rural Sector
-- B Balaji Sathya Narayanan
Insurance is usually hard to sell because insurers seek money in return for a promise to cover the losses that could incur to them in the future due to uncertainties. This article discusses how insurance companies distribute their products in rural areas.
© 2009 IUP. All Rights Reserved.
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