SPOTLIGHT
Munich Re
- - Jampala Phani Priya
The Muenchener Rueckversicherungs-Gesellschaft (Munich Re) was established 125 years ago. It is one of the largest reinsurers and the second largest primary insurer in Germany. It was established in 1880 and has expanded in many foreign countries. It had signed its first reinsurance contract with Almindelige Brand-Assurance-Compagnie, the first international client of Munich Re, in Copenhagen. Till date, 5000 insurance companies in 160 countries rely on Munich Res financial strength. In 2004, it achieved a profit of 1,833 mn in which 66% came from property and casualty insurance and remaining from health and life insurances.
© 2006 IUP . All Rights Reserved
RESEARCH PAPER
An Application of Factor Analysis Approach Towards Designing Insurance Products in India
- - Nalini Prava Tripathy
Its been half a decade since the insurance market was privatized, and today, there are many innovative customized products available. The increasing customer orientation of this industry can be studied closely by analyzing some of the recent trends. This article makes an attempt to identify the key factors responsible for customer preference for insurance products in India. This study identifies the five major factors that influence the consumers more while making purchase decisions, and suggests some measures to managers to design future products.
© 2006 IUP . All Rights Reserved.
COVER STORY
Catastrophe Insurance: A Need for Change
- - Jayshree Bose
For catastrophe insurers, who not only thrive on mega risks but also understand these risks inside out, nature has never seemed so hostile and risks so arcane. How do they cope with a world which suddenly seems so alien? Their only option is to change, and to manage the change well.
© 2006 IUP . All Rights Reserved.
LIFE INSURANCE
Rival Claims in Life Insurance: Does Nomination Confer Any Right?
- - R Masilamani
Despite their best efforts, insurers are not able to settle all the admissible death claims because there arise problems of rival claims. Ultimately, all the rival claims end up as civil disputes in a court of law. The nomination only indicates the hand which is authorized to receive the amount, on the payment of which the insurer gets a valid discharge of its liability under the policy.
© 2006 IUP . All Rights Reserved
NON-LIFE INSURANCE
Pollution Exclusion in Contractors Policy
- - J Kent Holland Jr.
In a case addressing the applicability of a pollution exclusion provision in a Commercial General Liability (CGL) insurance policy, the New Jersey Supreme Court held that the absolute pollution exclusion applied only to traditional pollution claims and could not be used by the insurance company as a bar to coverage for personal injury allegedly caused by the exposure to toxic fumes that emanated from a floor coating/sealant operation performed by the insured contractor.
© 2005 International Risk Management Institute, Inc. Reprinted with permission.
HEALTH INSURANCE
The Health Insurance Industry in India and its Growing Potential
- - Walter de Oude and Rajagopalan Krishnamurthy
The authors examine the key issues facing the health insurance sector in one of the worlds fastest growing economies.
© 2005 Watson Wyatt Worldwide. Reprinted with permission.
BUSINESS ENVIRONMENT
China and India: Opportunities too Big to Ignore?
- - Robert Fok and Khushroo Panthaky
To enter China and India successfully, an overseas insurer must know the markets and carefully consider the options.
© 2005 PricewaterhouseCoopers (www.pwc.com). The article was originally printed in PricewaterhouseCoopers Americas Insurance Digest quarterly publication (July 2005 edition) and is reprinted here with permission of PricewaterhouseCoopers.
MANAGEMENT
Value-Added Reserving
- - Thomas L Ghezzi
Many insurers are missing an opportunity to gain key insights into their operations. With value-added reserving techniques, its possible to take the loss reserve process to a strategic level and improve the bottom line.
© 2005 www.towersperrin.com. Reprinted in its entirety from Towers Perrin Emphasis Magazine, November 08, 2005. Reprinted with permission.
INSURANCE OPERATIONS
Insurance: Eventual Solution for Directors and Officers Liability
- - A V Narsimha Rao
The Indian corporate scenario is growing in size and volume. The Directors and Officers (D&O) of an organization, irrespective of the ownership status, have different types and levels of responsibility. The directors are also individually liable when they breach statutory duties. The liability may be civil and criminal in nature. However, the liability of the directors and officers may be unlimited if the memorandum contains provisions to that effect.
© 2006 IUP . All Rights Reserved.
INSURANCE MARKETING
Insurance Agents and Brokers: An Overview
- - Ramakrishnan Chandrasekaran
The Indian Contract Act governs the rights and duties of an agent and a principal. An agent represents his principal and acts not only for him but also in his place. Insurance brokers are agents of the insured, but are remunerated by the insurer.
© 2006 IUP . All Rights Reserved
INSURANCE MARKETING
Bermudas Influence Spreads
- - Michael J Moody
Managing General Agents (MGAs) look to Bermuda for new opportunities. The Bermuda market is a unique partnership between the government and the private sector.
© 2005 The Rough Notes Company. Reprinted with permission. The article first appeared in the November 2005 issue of Rough Notes Magazine.
REGULATION
Getting Geared Up for Detariffing: Opportunities and Challenges
- - G V Rao
Administered prices in a liberalized market? Though it may sound like an oxymoron, that is what is in existence in the domestic general insurance sector. In insurance idiom, administered prices mean tariff rates, and free rates are called non-tariff rates. IRDAs road map specifies that December 31, 2006, will be the last day for the administered price regime. The author discusses the impact of detariffing in current markets.
© 2006 IUP . All Rights Reserved
RISK AND INSURANCE
Playground of the Wind-Breakers
- - Matthew Brodsky
The engineers at FM global believe that most wind damage from future Katrinas can be prevented. If you dont believe them, let them destroy a couple of roofs for you at their research campus.
© 2005 Risk and Insurance (www.riskandinsurance.com). Reprinted with permission.
COUNTRY PROFILE
Indonesia: Brokers Set to Play a Bigger Role in the Market?
In Indonesia, the role and function of the insurance broker during the last four years have increased. However, many still face unfair competition from insurers.
© 2005 Asia Insurance Review (www.asiainsurancereview.com). Reprinted with permission. |
