COVER STORY
Indian Insurance - Market Scenario
- - U Jawaharlal
The four years that we have had of a liberalized insurance domain, present contrasting pictures of growth and consolidation on the one hand, and insufficient understanding and lopsided priorities on the other. Unless the players realign themselves positively, the real purpose for which the industry has been opened up would be hard to realize. While the performance in some areas has been exceptionally good, others need to be addressed by all the players to ensure an overall growth.
© 2004 IUP. All Rights Reserved.
NON - LIFE INSURANCE
Detariffing in General Insurance Industry
- - Pritee Saxena, Harkaran Singh and Rishi Raj Mishra
Initially tariffs were introduced to protect the customer's interest. But for insurance companies, tariff system leaves very little scope for competition. Subjecting everyone to tariff is not a desirable solution in the long run and the technical norms are universally ignored in the face of competition. This article throws light on the challenges against detarriffing; detariffing experience in 1994-Marine Insurance; and Industry outlook towards detariffing.
© 2004 IUP. All Rights Reserved.
REINSURANCE
Multiyear Policies and Annualization of Reinsurance Limits
- - Larry P Schiffer
When presented with a large progressive or continuous injury or multiyear claim, one important coverage question is whether the limits of liability on large commercial excess or umbrella multiyear policies should respond to the claim on an annualized basis or as a single occurrence subject to one limit of liability spanning the multiyear period of the contracts. The question is significant because if the limits apply on an annualized basis, more coverage may be available for each occurrence and, presumably, more reinsurance will be available for the reinsured to offset its claim payments.
© Reprinted with permission from www.irmi.com (http://www.irmi.com/). Copyright 2004, International Risk Management Institute Inc.
PENSIONS
Is Long-term Care Insurance Right for Your Clients?
- - Timothy C Hilbert
Understanding different policies would help financial advisors to choose a right policy, which satisfies the client's needs. This article discusses various types of long-term care insurance policies available and the services covered by them.
© 2004 Reprinted with permission from the Pennsylvania CPA Journal, a publication of the Pennsylvania Institute of Certified Public Accountants.
PENSIONS
Retirement Dilemma: Are Better Benefits Worse?
- - Virginia Olson and Kathleen FitzPatrick
The insurance industry's retirement programs are rich in comparison to those of the other industries. While this is an advantage for employees, it may be a detriment to employers looking for a solution to the shrinking talent pool. Given the industry's looming talent shortage, escalating retirement program costs and challenges such as consolidation, insurers need to take a fresh look at their current retirement benefit programs.
© 2004 www.towersperrin.com, published in Emphasis, 2004, No. 2. Reprinted with permission.
BUSINESS ENVIRONMENT
National Insurance Repository Limited - A Concept Paper
- - B Arjun
To leverage the potential of the Indian insurance market and to build on the gains arising from liberalization of insurance markets, focus needs to be turned towards addressing the asymmetric information problems and the architecture that governs the processes that handle customers and customer information. Formation of a central insurance repository like the securities depository is expected to play a major role in mitigating these problems and aid in achieving rapid growth rates.
© 2004 IUP. All Rights Reserved.
BUSINESS ENVIRONMENT
A World of Opportunity
- - Jennifer C Rankin
Local, national and foreign insurers are taking advantage of new opportunities in South Korea, India and China. Here's a look at who's doing what, and why.
© 2004 Reprinted from LOMA's Resource Magazine. Visit LOMA at www.loma.org. Reprinted with permission.
RISK AND INSURANCE
Loss Management - An Insurer Approach
- - Ramana SV Tammabattula
Insurance is a great tool to manage or share individual loss(es). By accepting individual losses, obviously insurers are at a great risk. Proper loss management and risk mitigation strategy is important not only for survival of insurer, but also essential for the entire sector. This article discusses various traditional loss management techniques that are being followed by insurers.
© 2004 IUP. All Rights Reserved.
RISK AND INSURANCE
Combating Fraud with Quality
- - Greg Smith
Where there is risk, there is normally insurance coverage available. As risk attracts insurance, the latter attracts the possibility of fraud. In today's high-tech, high-speed world, both insurers and risk managers face increasing challenges in combating fraud through effective loss control. And, although the sophistication behind fraudulent activities will likely continue to develop, new tools and approaches to combating fraud are delivering excellent results in curtailing claims costs.
© 2004 Business Information Group (www.canadianunderwriter.ca). Reprinted with permission.
RISK AND INSURANCE
Taking Cover
- - Stephen Spurdon
If the World Trade Center (WTC) attack single-handedly changed the way the insurance industry dealt with terrorism, the war in Iraq added new risks. Does it mean certain events are uninsurable? Stephen Spurdon investigates.
© The Charteread Insurance Institute, London, 2004 (www.cii.co.uk). Reprinted with permission.
COUNTRY PROFILE
Malaysia
- Stronger and Robust Insurers for the 21st Century
The most notable change in the Malaysian market in the last year is the departure of several key old leaders and the entry of new breed of second-generation leaders. This marks the beginning of a generational change for the Malaysian insurance market and all eyes will be on these new leaders as they enter this era. This article presents exclusive interviews with the new market leaders.
© 2004 Asia Insurance Review (www.asiainsurancereview.com). Reprinted with permission.
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