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Managing Insurance

NMIMS- Family Business
Risk & Insurance Management

2012

Compiled by Deepak Godbole

“A sound national insurance and reinsurance market
is an essential characteristic of economic growth”
UNCTAD,1964

Risk & Insurance Management

2012

Compiled by Deepak Godbole

“ The ability to take
risks is an essential
element of economic
progress.
The success lies in
taking the right risk. ”

Risk & Insurance Management

2012

Compiled by Deepak Godbole

• “Beyond the known is the unknown.”
• “What is unknown today will be known tomorrow.”
• Uncertainty is the larger canvas
• Risk is the quantifiable portion of uncertainty

Fundamental- Particular
Dynamic- Static
Pure - Speculative

Peril
Hazard

Risk & Insurance Management

2012

Compiled by Deepak Godbole

Exposures

• Risk Averse -

P–

• Risk Seeker P–

• Risk Neutral-

L–

R

Approaches

A

P

L

Risk & Insurance Management

T

A
2012

Compiled by Deepak Godbole

The Risk/ Impact Probability Chart

Life insurance

Property and Casualty
Non Life
General




Risk & Insurance Management

Reinsurance

Fire
Marine
Miscellaneous
2012

Compiled by Deepak Godbole

Protection against
financial
distress due to
unexpected death

Insured is hospitalized and
receives treatment, medical
costs are covered

You are liable when you are
legally bound to make good
on a loss or damage that
occurs in an interaction

Risk & Insurance Management

2012

Compiled by Deepak Godbole

HOMES

COMPUTERS/ BUSINESSES FACTORIES JEWELLERY/WATCHES ANIMALS
ELECTRONICS

PLANES

COMMERCIAL
VEHICLES

CARS

HULL

Risk & Insurance Management

CARGO

2012

CONSTRUCTION
ENGINEERING

ANIMAL CARTS

REFINARY

Compiled by Deepak Godbole

Distributing costs among a large group of people
to share the losses experienced by a few
A social device in which a group of individuals (insureds) transfer risk to another party (insurer) in order to combine loss
experience, which permits statistical prediction of losses and provides for payment of losses from funds contributed
(premiums) by all members who transferred risk
Security, indemnity, protection, guarantee, safeguard
A promise ensuring safety, convenience, reliability and comfort premium

Risk & Insurance Management

2012

Compiled by Deepak Godbole








Duration of contract
Uncertainty
Time factor
Use of statistics and probability
Claims- volume and periodicity
Reinsurance
• Self Insurance
• Captives
• Pools
• Actuary
• Underwriter

Risk & Insurance Management

Compiled by Deepak Godbole

IP (%) - India
T

L

NL

2001

2.71

2.15

0.56

2011

4.10

3.40

0.70

IP (%) - World
2011

6.6

3.8

2.8

Taiwan

17

3

14

Qatar

0.5

0.4

0.1

ID in USD- India

T

L

NL

2001

11.50

9.1

2.4

2011

59.0

49.0

10.0

ID in USD- World

2011

661.0

378.0

283.0

Switzerland

8012

4421

3591

Bangladesh

7

5

2

Risk & Insurance Management

2012

Compiled by Deepak Godbole

Asian Markets
Country

T P (USD)

WR

% Share

IP
(%)

WR

ID
(USD)

WR

Japan

655408

2

14.26

7

11

5169

5

China

221858

6

4.83

3

45

163

61

Korea

130383
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