|
SPOTLIGHT
Oriental Insurance Company Limited
-- Kamatla Sheeba
The Oriental Fire and General Insurance
Company Limited was incorporated at
Mumbai on September 12, 1947 as a public sector
company and one of the four subsidiary companies of
the General Insurance Corporation of India (GIC).
The company was a wholly-owned subsidiary of
Oriental Government Security Life Assurance Company
Ltd., and carved to carry out general insurance
business. It became a subsidiary of Life Insurance
Corporation of India from 1956 to 1973, till the general
insurance business was nationalized in the country.
© 2010 IUP. All Rights Reserved.
COVER STORY
Decade of Risk
-- Bruce McIndoe
Over the past 10 years, a series of high-profile events have transformed the risk management discipline from a mere afterthought to an indispensible part of the business strategy of every organization. What does the future hold?
© 2009 Risk and Insurance Management Society, Inc. All Rights Reserved. This article was first published in the December 2009 issue of Risk Management magazine. Reprinted with permission.
COVER STORY
Internal Risk Models in Insurance Companies
-- Karpagam Sankaranarayanan
The insurers are mandated to carry out their Own Risk and Solvency Assessments (ORSA) in line with their nature of business, scale and complexity of the risk profile it carries by the International Association of Insurance Supervisors (IAIS). There are also new regulatory, statutory and risk requirements that the insurers need to ensure regarding capital adequacy from different stakeholders' perspective. The insurance companies are addressing this by building internal models in line with their philosophy of the enterprise risk management framework, which then becomes embedded in the risk, capital management and operational process. This article discusses the various aspects of internal models, model construct and some of the practices being followed by the insurers.
© 2010 IUP. All Rights Reserved.
BUSINESS ENVIRONMENT
Analysis of Insurers' Financial Statements
-- GV Rao
The financial statements of insurers issued annually are of little interest even to the employees of insurers. Even the management does not make efforts to analyze it for information of the top and middle level executives. These financial statements highlight the strengths and weaknesses of the insurer, and if analyzed over a period, it shows the direction and the strategies employed. This article makes out a strong case that, it is for the management to educate all levels of employees so that they do not perform as if they are in silos of functional excellence.
© 2010 IUP. All Rights Reserved.
BUSINESS ENVIRONMENT
Hard Market, Soft Market: What Does the Future Hold?
-- Phil Zinkewicz
Definitive predictions for 2010 are hard to come by. The possibilities of the markets hardening up loom large.
© 2008 Rough Notes (www.roughnotes.com). This article was first published in the January 2010 issue of Rough Notes. Reprinted with permission.
HEALTH INSURANCE
Health Care Reform: Learning from Others
-- Paul Fleischacker, Alec McLure, Susan Mateja and James Meidlinger
Compared to Americans, German citizens enjoy broader healthcare benefits at a lower cost. Could such a system work in the US?
© 2008 American Academy of Actuaries. This article was first published in the Jan/Feb 2010 issue of the Contingencies Magazine. Reprinted with permission.
RURAL INSURANCE
Rural Insurance in India: Prospects and Challenges
-- T Sri Jyothi
Insurance safeguards the individuals or organizations against unforeseen dangers. But it is mainly concentrated in and around urban centers, ignoring rural areas. In the rural areas, it is still in its nascent stage. In spite of various marketing strategies being adopted by reputed insurance players, it is unable to penetrate the rural areas. This article discusses the prospects for insurers and the opportunities and challenges faced by them in the rural markets.
© 2010 IUP. All Rights Reserved.
NON-LIFE INSURANCE
Business Interruption: Is It Time for a Checkup?
-- Michael C Speer and Paul D Haynes
It may be time for a checkup on your business interruption insurance coverage. As corporations focus on operational changes needed to survive one of the worst recessions in decades, it is important to recognize changes in the business landscape.
© 2000-2010 International Risk Management Institute, Inc. (www.IRMI.com). This article was first published in the November 2009 issue of IRMI.com. Reprinted with permission of the publisher from the Expert Commentary Section of www.IRMI.com
NON-LIFE INSURANCE
Retail Business in India: Risks and Preventions
-- Sonali Bhattacharya
While the retail business is booming in India, with the country topping the list as the emerging retail market according to the Global Retail Development Index for the third consecutive year, very little attention has been paid to study the extent of risks associated with different forms of retail business and how the industry is prepared to counter the risks. This article intends to study the risk management and prevention systems of various forms of retail business in India.
© 2010 IUP. All Rights Reserved.
|
