SPOT LIGHT
General Insurance Corporation of India
-- G Vasavi
The General Insurance Corporation (GIC) of India was formed by the Parliament Act, General Insurance Business Nationalization Act (GIBNA), 1972. It was incorporated under the Indian Companies Act, 1956 on November 22, 1972. GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance. The four fully- owned subsidiary companies of GIC are National Insurance Company Limited, The New India Assurance Company Limited, The Oriental Insurance Company Limited and the United India Insurance Company Limited
© 2006 IUP . All Rights Reserved
COVER STORY
Critical Illness Insurance: The Critical Choice
-- T S Rama Krishna Rao
Critical illness insurance cover is offered both by the life and non-life insurance players. The claim rejection rate for this cover is very high. There is an immediate need for simplification and more customer education in this area.
© 2006 IUP . All Rights Reserved
COVER STORY
How Critical is CRITICAL?
-- Sam Barrett
Hefty premium increases and declined claims have not helped the image of critical illness insurance. The author investigates what's being done to address the issue.
©2006 Chartered Insurance Institute (www.cii.co.uk). Reprinted with permission.
REGULATION
Insurers, Irda and the Insurance Policyholders
-- G V Rao
A perceptible difference is observed in the perception of the insurer and the insured towards the customer service being rendered to the non-life policyholder. The insurers need to be proactive and take well-meaning steps to cement this gap. The role the regulator plays in this endeavor is also brought to the fore.
©2006 IUP . All Rights Reserved
CATASTROPHE RISK
Economic Costs and Consequences of Natural Disasters
-- Prabha Shastri Ranade
This article discusses the issue of economic costs and consequences of natural disasters experienced the world over and also the economic recovery after the disasters. Several problems faced in estimating disaster losses are explained. Disasters, poverty and development are linked. The economic losses of recent disasters such as Hurricane Katrina, Kutch, Kashmir and Iran earthquakes, Indian ocean tsunami are also mentioned. The article emphasizes the measures to prevent disaster losses like warning system, fishery disaster insurance scheme are suggested and dividends from risk mitigation measures. It also highlights the central role of the environment in disaster reduction.
©2006 IUP . All Rights Reserved
BUSINESS ENVIRONMENT
Detariffication of Non-life Insurance Product Pricing in India : Impulses of Industry Experts vis-à-vis Perceptions of Public at Large
-- B V Ramana
The General Insurance industry in India will be shortly witnessing the much-awaited non-tariff rate regime. While competing insurers are restless on the hurdles they might encounter, particularly in fine-tuning their respective "new look-products with decontrolled price tags, the common man is apprehensive of possible disturbed climate at the marketplace, where he may be put to maximum confusion".
©2006 IUP . All Rights Reserved
BUSINESS ENVIRONMENT
Insuring Rural India
-- Richard Holloway and Rajagopalan Krishnamurthy
The article highlights the factors that spur the rural insurance business in India. It emphasizes on product innovation, low-cost, effective distribution channels, increasing volumes, etc.
©2006 Watsonwyatt. Reprinted with permission.
RISK AND INSURANCE
Turning the Tables : Coping with a New Era of Risk
-- Joseph Plumeri
A new era demands new approaches including a federal charter and a national plan for addressing disaster insurance issues.
©2006 Insurance Journal (www.insurancejournal.com). Reprinted with permission.
RISK AND INSURANCE
ERM : A Two-year Report Card
-- Michael J Moody
Insurers push ERM adoption, motivated by rating agency interest.
©2006 Rough Notes. This article was first published in the October 2006 issue of Rough Notes. Reprinted with permission.
MANAGEMENT
From People Success to Business Success
-- Julie J Gebauer and Andrew S Cherkas
By focusing on workforce engagement, insurance companies can strengthen their ability to competefor people and customers.
©2006 Towers Perrin's Emphasis Magazine. Reprinted with permission.
LIABILITY INSURANCE
Insights - Trends in the Asian Directors' & Officers' Liability Market
-- David Walters
The article discusses the current state of the Asian Directors' & Officers' liability market and predicts its future. The inference points towards a favorable market cycle in the near future.
©2006 Asia Insurance Review (www.asiainsurancereview). This article was first published in the October 2006 issue of Asia Insurance Review. Reprinted with permission.
CLAIMS MANAGEMENT
Early Offers : An Approach to Medical Malpractice Reform
-- Jeffrey O'Connell, Jeremy Kidd and Evan Stephenson
In personal injury cases, the current system of tort liability has long been unworkable, especially because the insured event is extremely complex. Under the current system, a plaintiff must prove two difficult elements: The defendant's fault and the economic value of non-economic damages, mostly pain and suffering.
©2006 American Academy of Actuaries. This article was originally published in the September/October issue of Contingencies Magazine, the magazine of the American Academy of Actuaries. Reprinted with permission.
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