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Ockham Technology

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Ockham Technology
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)
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