Risk Management in Insurance Sector

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Risk Management in Insurance Sector

Project Report
By

Mr. Prashant S. Chirputkar
T. Y. B. Com. Banking and Insurance
Semester VI

Ms. Firdaus Quadri
Project Guide

The Department of Banking and Insurance
Sydenham College of Commerce and Economics,
B – Road Churchgate, Mumbai – 400 020

2007-08
Declaration

I Prashant S. Chirputkar student of T.Y.B.com (Banking & Insurance) Semester VI of Sydenham College of Commerce & Economics hereby declare that I have completed the project report entitled as Risk Management in Insurance Sector as compulsory requirement for partial fulfillment of passing the examination. I also declare that this project report is a result of genuine effort put in by me and that information contained therein is true and original to the best of my knowledge.

Prashant S. Chirputkar
Initials :-
Place :- Mumbai
Date :- September 23, 2008

Preface
In the present industry scenario, the market dynamics are shifting rapidly and the risks are becoming increasingly more diverse. Effective risk management can improve safety, quality of risk and in turn increase business performance. For an insurance company, risk denotes the amount that may be at stake in the event of a loss. From the insurer’s perspective proper understanding and evaluation of the risk during acceptance phase is very crucial. Risk Management plays a vital role in the area of measuring, assessing the risk and developing strategies to manage it. Strategies include transferring the risk to another party, avoiding risks, reducing the negative effect of the risk and accepting some or all of the consequences of a particular risk. These aspects embrace the development of new materials; critical path design criteria; bigger and faster machines; the sophistication of electronic apparatus; the development of new civil and structural construction techniques; the formulation of new chemical procedures and formulae; and the like. The insurance...
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