Insurance And Risk Management

The book is organized from a combination of three perspectives-(a) insurance and risk management, (b) insurance classes and products and (c) managerial aspects in insurance business. Part I introduction the concepts of risk management to the readers. Chapter 1 conceptualizes the risk definitions, classes of risk and the methods of handling risk. Chapter 2 attempts to provide an overall view of the risk management and control systems. Chapter 3 has been deliberately included to apprise the readers about the distinct approaches to risk management i.e. individual approach and the organizational approach popularly titled as Enterprise Wide Risk Management. Part II introduces insurance as a risk-mitigating device. Chapter 4, 5 and 6 respectively deal with the insurance terminologies and concepts and how risk is mitigated via insurance markets principles underlying insurance contracts and the mathematical theory. Part III explore the insurance business environment in India. It has been divided into two sections Section I deals II deals with economic and financial environment covering the historical evolution if insurance, the privatization of the insurance sector and insurance industry facts, accounting and taxation aspects and global picture of insurance. Part IVdeals with the life insurance business covering the life insurance players and products, claim settlement and procedural aspects, group insurance and life assurance management. Part V focuses on non-life category. It covers the history of general insurance, the players and their performance, product wise the various non-life insurance categories. Attempt has been made to provide the statistics to the maximum possible extent. Part VIof the book is an attempt to explore the functional areas of insurance business more specifically the organization structures of insurance companies, design and development of product