Financial Risk Management
Caselet
Ethics in Insurance Industry: Case Analysis

Article Details
Pub. Date : Sep, 2019
Product Name : The IUP Journal of Financial Risk Management
Product Type : Article
Product Code : IJFRM61909
Author Name : Varsha Vijukumar and B Valarmathi
Availability : YES
Subject/Domain : Finance Management
Download Format : PDF Format
No. of Pages : 08

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Abstract

The insurance sector is one of the most growing and highest profit-making sectors in the country. Its contribution to the GDP growth rate is highly dominant. It is important to ensure that the insurers work ethically for the economic as well as the social development of the country. The study is undertaken to analyze the extent of ethics followed by the insurance companies particularly regarding claim settlements from the perspective of the insuring public. A descriptive study based on the secondary source of various insurance cases is undertaken regarding repudiation of claims. The results prove that the insurance companies often take advantage of the lack of awareness among the insuring public regarding insurance regulations. Insurance Regulatory and Development Authority, along with the government, should take more efficient steps to ensure that the insurers work ethically for the betterment of the insuring public. Insurance intermediaries should be highly trained in this regard. However, the study is limited to claim settlement procedures.


Description

Ethics or moral principles build the ability to make conscious choices regarding what is right or wrong by every individual and business house. It is very important for any business organization to function in a manner that is acceptable and helps it to sustain and build goodwill in the consumer market. Ethics is measured by acts of the company done in the past. Ethics in insurance sector seeks special attention, as the customers are unaware of how the claim settlement decisions are arrived at.


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