SPOTLIGHT
American Reinsurance Company - - Jampala Phani Priya
Established in 1917, American Reinsurance Company (Am Re) has become famous for being a dedicated partner to all its clients through challenging market conditions. With the surplus equity of $3.2 bn and superior insurance financial strength ratings, Am Re continues to offer stability, financial strength, and expertise to their clients. American Re is the heart of the Munich Re Group which is one of the worlds leading reinsurers and has been meeting the reinsurance needs of its clients since 1880.
© 2006 IUP . All Rights Reserved
CASE STUDY
Human Life Value Concept - - S M Manchanda
The article discusses the concept of human life value and its application with the help of a case study. The human life value concept means that a person should buy insurance on his life, so that in the event of his unfortunate death, the family, after meeting various financial liabilities are in a position to maintain a resonably good standard of living. With the rise in income level, the younger generation is creating huge liabilities by raising various kinds of loans. They, therefore, must manage these liabilities by buying matching life insurance covers. A transparent and educative approach on the part of the insurers will help people reveal their health conditions and habits, thus reducing adverse selection.
© 2006 IUP . All Rights Reserved
INTERVIEW
After the Storm - - Jon Guy
With the industry still reeling in the aftermath of Hurricane Katrina, GE Insurance Solutions Chief Executive, Ron Pressman, tells the author that the catastrophe may act as a wake-up call.
© The Chartered Insurance Institute, London, 2005 (www.cii.co.uk). Reprinted with permission.
COVER STORY
Unit-Linked Insurance Products: The Big Leap - - T S Rama Krishna Rao
Unit-Linked Insurance Products (ULIPs) are on the investment list of everyone thinking about an insurance policy. Thanks to the boom on the bourses and the pull of market-linked returns, ULIPs have recently become the largest selling insurance products. The new IRDA guidelines bring structural changes which ensure that ULIPs are not sold as short-term products.
© 2006 IUP . All Rights Reserved
REGULATION
Competitive Edge in a Non-tariff Regime - - G V Rao
Over a period of time, tariffs have become a source of vested interest for insurers. In addition to tariffs, insurers began to enter into market agreements in the post nationalization era to cut down price competition even in the non-tariff sector.
© 2006 IUP . All Rights Reserved
ALTERNATIVE RISK TRANSFER
The Government in Catastrophe Insurance: Some Case Studies
- - Jayshree Bose
Governments the world over have involved themselves in various ways in core-insurance, following a catastrophe. What has been the impact of these involvements?
© 2006 IUP . All Rights Reserved
ALTERNATIVE RISK TRANSFER
The Katrina Effect: Growing CAT Exposures Require New Thinking
- - Michael J Moody
The growing CAT exposures require new thinking. The insurance industry and the capital markets must both begin to embrace concepts that take full advantage of the resources of the capital market.
© 2005 The Rough Notes Company. Reprinted with permission. The article first appeared in The Rough Notes, December 2005.
BUSINESS ENVIRONMENT
Emerging Markets: Changing the Landscape of the Insurance Sector
- - Rajesh C Jampala and Polavarapu Adi Lakshmi
Emerging markets with their huge potential are set to change the landscape of the insurance sector in the coming years. Life and non-life insurance premiums in emerging markets have grown annually with impressive growth rates of 10.4% and 7.3% in real terms respectively, compared to the average of 3.4% and 2.6% for advanced countries. Premium growth is also expected to sustain an impressive rate of 7.5% per annum in the coming decade. This is due to strong economic growth, increased stability, good regulatory mechanisms, adaptation of international best practices, innovative product offerings and new distribution channels in emerging markets by insurers. However, insurance business varies greatly in size and structure among the emerging markets.
© 2006 IUP . All Rights Reserved
BUSINESS ENVIRONMENT
Spotlight on Catastrophes: Counting the Cost of Catastrophes in 2005
- - Cynthia Ang
2005 is set to be one of the costliest years for catastrophes. The author takes stock of the catastrophes that hit Asia in the last year, and their impact on the industry.
© 2005 Asia Insurance Review (www.asiainsurancereview.com). Reprinted with permission.
NON-LIFE INSURANCE
Customer Service that Pays Off: Claims Settlement and Policy Issuance
- - Chandrasekaran R
Claims settlement is considered to be a sensitive area to such an extent that many companies dont dare to venture into measures to reduce the cost of claims settlement out of fear, whether real or illusionary, of losing business. In todays scenario, speedy settlement of a claim, with a turnaround time, has pushed efficient and fair settlement of claims to the background.
© 2006 IUP . All Rights Reserved
RISK AND INSURANCE
Managing Transfer Pricing Risk in Asia: Lessons from the Australian Experience
- - Nick Houseman and Aaron Leslie
With the level of transfer pricing scrutiny increasing in the insurance industry, insurers should be incorporating transfer pricing into their tax risk management strategies.
© 2005 PricewaterhouseCoopers (www.pwc.com). The article was originally printed in PricewaterhouseCoopers Asia-Pacific Insurance Digest (October 2005 edition) and is reprinted here with the permission of PricewaterhouseCoopers.
BUSINESS STRATEGY
Capital Management - - J Augustine
In the emerging markets, there are more demands and challenges in the form of intense competition in pricing and covers, explains the author.
© 2005 Asia Insurance Post. Reprinted with permission.
TECHNOLOGY
Gaining Position with Technology - - Wayne D Holdredge
Telematics, the use of wireless communications and Global Positioning System (GPS) tracking, may soon change the way automobile insurance, both personal and commercial, is priced. Individual rating of a driver, to supplement class rating, now appears to be feasible.
© 2005 www.towersperrin.com. Rerpinted in its entirety from Towers Perrin Emphasis Magazine, November 08, 2005. Reprinted with permission.
CLAIMS MANAGEMENT
Guiding Principles on Claims Management - - Tom Starner
A South Carolina property/casualty carrier picks Java-based technology to run its web-based claims operation.
© 2005 www.riskandinsurance.com. Reprinted with permission. Originally published as "Guiding Principles" in Risk & Insurance, December 2005.
COUNTRY PROFILE
Financial Management of Spanish Life Insurance - - Julio Koch
The author describes the enhancing role of sophisticated financial management techniques in Spain.
© 2005 Watson Wyatt Worldwide. Reprinted with permission. |
