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COVER STORY
Terrorism Insurance : Time for a Closer Look
- TS Rama Krishna Rao
The terrorist attack on the World Trade Center and the 26/11 Mumbai attacks have sent shock waves across the world. Security and safety can no longer be taken for granted. Terrorism, although not new to the world, astounds us due to the extent to which it has spread. Governments all over the world are trying to control terrorist activities. A terrorism pool for property insurance was created in India in 2001. This has been of immense help to mitigate the huge damage caused. However, there is a growing need for creating awareness among the general public and corporates to take cover against terrorism risk.
© 2009 IUP. All Rights Reserved.
COVER STORY
An Overview of TRIA, TRIEA and TRIREA
- Jayshree Bose
When the Terrorism Risk Insurance Act (TRIA), providing for a government backstop facility for terrorism, was passed in the US in 2002, very few believed that it would offer anything more than a stopgap comfort period for insurers to tide over the 9/11 aftermath. On the other hand, five years later when the Act is being actively considered for a second extension—very few feel it can be discontinued in the foreseeable future without having disastrous consequences. What are the reasons behind this total change of mindset?
© 2009 IUP. All Rights Reserved.
LIABILITY INSURANCE
General Liability Insurance : Its Future Prospects
- GV Rao
Liability premiums are growing faster, next only to those of motor and health, in the detariffed scenario. Yet, only a few insurers are aware of the growing potential and the profit margin that liability insurance offers. The analysis of the premium trends, insurer-wise, shows important gaps in the marketing goals and strategies of the insurers. This article seeks to clear the air for insurers to realize the enormous growth potential in this business.
© 2009 IUP. All Rights Reserved.
MICRO INSURANCE
A Risk Management Tool for the Poor
- Namita Sahay
Micro-insurance is no longer seen as a corporate social responsibility, but as a risk management tool for the poor and as a commercially viable preposition for the corporate sector. This article is an in-depth study of what micro-insurance is all about, the need for micro-insurance, features of micro-insurance products, link between microfinance and micro-insurance, risks to be covered, delivery mechanism and the role of reinsurance in micro-insurance. Besides, it also discusses the challenges faced by this sector, certain recommendations and limitations and finally talks about the vision for micro-insurance in India.
© 2009 IUP. All Rights Reserved.
RISK INSURANCE
Year in Risk
- Authors: Morgan O'Rourke and Bill Coffin
The fallout from the subprime lending fiasco has dominated recent headlines with good reason. But 2008 saw its fair share of other, unrelated risk stories. We look at some of the biggest.
© 2008 Risk and Insurance Management Society, Inc. All Rights Reserved. This article was first published in the October 2008 issue of Risk Management Magazine. Reprinted with permission.
RISK INSURANCE
Establishing a Risk Management Program for Insurance Companies
- John Tucci
Risk management is currently a popular catchphrase in the insurance industry and is rapidly becoming one of the key focus areas of insurance regulation throughout the world.
© 2008 Watson Wyatt Worldwide. All Rights Reserved. This article was first published in June 2008. Reprinted with permission.
HEALTH INSURANCE
Health Insurance in India
- R Venugopal
One of the important gains of liberalization of insurance in India has been the much-needed thrust to health insurance. Although health is one of the most critical areas for developing countries, less than 1% of the population in India has some sort of health insurance or the other. The article deals with the issues and challenges faced by the health insurance industry in the country.
© 2009 IUP. All Rights Reserved.
UNDERWRITING MANAGEMENT
The Post-Millennial Metamorphosis in Life Underwriting
- Hank George and Tia Goss Sawhney
The venerable life insurance industry awoke one morning to find itself transformed into a financial services industry. Unfortunately, no one thought to tell those who stand astride the flow of new premium assuring that the ratio of actual-to-expected mortality remains far less than one. In other words, underwriting was—and to a great extent still is—out of step with the financial services concept. This must change.
© 2008 American Academy of Actuaries. This article was first published in the Nov/ Dec 2008 issue of the Contingencies Magazine. Reprinted with permission.
NON-LIFE INSURANCE
Hurricanes, Tropical Depressions, and Floods : Oh My!
- William K Austin
The article emphasizes on weather events and the use of commercial property insurance in the post-Katrina insurance marketplace.
© 2008 International Risk Management Institute, Inc. (www.IRMI.com). This article was first published in the October 2008 issue of IRMI.com. Reprinted with permission of the publisher from the Expert Commentary Section of www.IRMI.com
SPOTLIGHT
General Insurance Corporation of India
- Kamatla Sheeba
The General Insurance Corporation of India (GIC Re) has been set up as a government company under Section 9(1) of the General Insurance Business Nationalization Act (GIBNA), for the purpose of superintending, controlling and carrying on the business of General Insurance.
© 2009 IUP. All Rights Reserved.
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