| SPOTLIGHT
Chubb - - Jampala Phani Priya
© 2005 IUP. All Rights Reserved
COVER
STORY Insurance
and Nature's Challenges - - U Jawaharlal
Insurers
have been kept busy, of late, by nature's fury. The
year 2004 was reported to be the worst for insurers
by way of claims, because of natural calamities. Even
before the din settled down, the next calamity came
up. While the total amount of insured losses in more
advanced markets is very high, how is it that the greatest
calamity in the form of tsunami that hit several countries
turned out to be so paltry?
© 2005 IUP. All Rights Reserved
COVER
STORY Cooking
Up a Storm - - Mark Cooper
With
the insurance market still reeling from the natural
disasters of 2004, Mark Cooper looks at the effectiveness
of risk modeling and its prospects for the future.
© The Chartered Insurance Institute, London, 2005(www.cii.co.uk).
Reprinted with permission.
LIFE
INSURANCE Importance
of the Need to Cover the Death Risk - - S M Manchanda
The
basic purpose of buying insurance should be to protect
the family from loss of income due to an early death
of the main income earner. The financial consequences
of an early death of the main income earner can be disastrous
for a family. The only effective solution to manage
death risk lies in buying adequate life insurance cover.
Saving should, obviously, be a secondary purpose of
buying life insurance except for those who have no family
liabilities. The need to cover the risk of death should
be predominant among all needs and the product that
can provide an adequate coverage at very economical
rate is pure term insurance.
© 2005 IUP. All Rights Reserved
BUSINESS
ENVIRONMENT Pro-Policyholder
Broker Form Saved Insurer Millions - - Jay M Levin
The
September 11, 2001, terrorist attack on the World Trade
Center was a tragedy of immense proportions. It has
affected life in America in countless ways. It also
spawned an enormous amount of property insurance coverage
litigation, primarily venued in the US District Court
for the Southern District of New York.
© 2005 International Risk Management Institute, Inc.
Reproduced with permission of the publisher,International
Risk Management Institute, Inc., Dallas, Texas from
IRMI.COM. Further reproduction prohibited. Visit www.IRMI.com
for free practical and reliable risk and insurance information.
INSURANCE
OPERATIONS Risk
Assessment in Accidental Death Insurance - - Thomas Trompetter and Renate Dammers
It
is not uncommon to conclude accidental death policies
without any risk assessment. Yet, accident statistics
and claims experience show that the probability of accidents
hinges on various factors which can be analyzed and
assessed. The age, gender, place of residence and state
of health of the applicant should be taken into consideration,
as well as profession, leisure activities and the sum
insured.
© 2005 Converium (www.converium.com). Reprinted with
permission.
INSURANCE
MARKETING LIC
Agents: Are They All Productive? - - Bh. Venkateswara Rao
LIC
markets its plans or policies through various intermediaries
such as agents, corporate agents, brokers and referrals.
Among these different intermediaries, the business procured
through agents constitutes 99.78%, while the business
procured through all the other sources is 0.22% only,
which shows that the basic strength of LIC is its huge
agency force. In view of this, an attempt is made, in
this article, to know how far the agents of the LIC
are productive.
© 2005 IUP. All Rights Reserved
REGULATION
The
Geneva Association: An Analysis of Regulatory Structures
in Asia on Market-exit Rules - - W Jean Kwon
Can
insurance firms easily exit from the market? A global
comparative analysis of regulatory structures.
© 2005 Asia Insurance Review (www.asiainsurancereview.com).
Reprinted with permission.
TECHNOLOGY
Internet
Security: A Growing Risk for Businesses - - Len Strazewski
More
types of companies are vulnerable; agents step up their
risk management role.
© 2005 The Rough Notes Company (www.roughnotes.com).
First published in the September 2005 issue of Rough
Notes magazine. Reprinted with permission.
UNDERWRITING
MANAGEMENT How
We Misjudge Health Risks - - Peter Rousmaniere
Health
and disability insurance risk classification systems,
say experts, may be committing a fundamental error by
failing to account for successful treatments of chronic
conditions. The bottom line is that individuals who
are being treated may be much better risks than those
who remain untreated or undertreated, yet they are most
often misclassified as higher risk.
© 2005 Risk & Insurance (www.riskandinsurance.com).
Reprinted with permission.
RISK
AND INSURANCE Casualty
Cats in a Post-Andrew World
- - Amy S Bouska and Christina L Gwilliam
Fifteen
years ago, a way of estimating the emerging mass tort
liabilities was required. However, it took a hurricane
to help casualty exposure-based models gain acceptance.
© 2005 www.towersperrin.com. Reprinted in its entirety
from Towers Perrin Emphasis Magazine, 20th Anniversary
Issue.
RISK
AND INSURANCE Purchasing
Insurance: The Issues Involved - - V K Sarma
Whether
an individual deals with an independent agent, an insurance
broker, or directly with an insurance company, he needs
to be certain of some issues before signing the document.
Regardless of the type of insurance he is purchasing,
he should be aware of the process. Here is an overview
of the issues involved when buying insurance.
© 2005 IUP. All Rights Reserved
MARINE
INSURANCE Trimming
the Sails in Marine Insurance - - Ryan Warren
Ryan
Warren explains how insurers and P&I Clubs could use
statistical techniques to better understand their marine
insurance risks when setting rates.
© 2005 Watson Wyatt Worldwide. Reprinted with permission.
CASE
STUDY AMP
Sanmar Life - - Bhuma Sunderaraman
AMP
Sanmar Life Insurance was a 74:26 joint venture between
the Chennai-based Sanmar Group and AMP ASAL Pty Ltd.,
a part of the Australian wealth management group named
AMP. In April 2005, AMP surprised the Indian insurance
sector by announcing its intention to exit the Indian
joint venture. As it is the first instance where both
partners exited the venture, after the insurance sector
was liberalized in India, the case intends to provoke
discussion from both the regulatory aspects of insurance
and also the plight of policyholders, who bought policies
from AMP Sanmar Life.
© 2005 IUP. All Rights Reserved
BOOK
REVIEW Global
Insurance: Trends and Issues - - Editor : B Karuna
Insurance,
by its nature is a complex product and the way the industry
works has made it even more complex. This book gives
an idea of where the industry stands currently and helps
in understanding its future direction. There are many
aspects, which are seriously affecting global insurance.
The book portrays a truly beneficial picture of the
driving changes in the operational environment of global
insurance.
© 2005 IUP. All Rights Reserved
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