Insurance and Risk Management

Contents: Preface. 1. Introduction to insurance management. 2. Insurance sector in India. 3. Insurance overview and types. 4. Transfer of insurance policies and nominations. 5. Insurance companies in India. 6. Insurance association of India. 7. Risk management. 8. Futurology of risk management. 9. Potential treatment and areas of risk management. 10. Mutual insurance companies. Index.

Insurance management is a general term used to describe an insurance broker or services firm. Within the insurance management sector there are three types of service providers: insurance brokers or consultants, dedicated insurance firms and financial institution insurance. Regardless of the structure, the role of an insurance management company is the same, to provide access to insurance products and provide advice to potential clients. The insurance industry has grown considerably in the past 10 years, providing a dizzying array of products, services and coverage. The services offered by an insurance management company are designed to streamline this product offering and simplify matters for clients. An insurer\'s underwriting performance is measured in its combined ratio. The loss ratio is added to the expense ratio to determine the company\'s combined ratio. The combined ratio is a reflection of the company\'s overall underwriting profitability. A combined ratio of less than 100 per cent indicates underwriting profitability, while anything over 100 indicates an underwriting loss.

Risk management is the identification, assessment and prioritisation of risks followed by coordinated and economical application of resources to minimise, monitor and control the probability and/or impact of unfortunate events. (jacket)