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The term Insurance Risk Management is a relatively recent evolution of the term “insurance management.” And “risk management” together birthing the concept of ‘Insurance Risk Management’.
The concept of risk management encompasses a much broader scope of activities and responsibilities than insurance management. Risk management is now a widely accepted description of a discipline within most large organizations. Basic risks such as fire, windstorm, employee injuries, and automobile accidents, as well as more sophisticated exposures such as product liability, environmental impairment, and employment practices, are the province of the risk management department in a typical corporation. Insurance Risk Management is the assessment and quantification of the likelihood and financial impact of events that may occur in the customer’s world that require settlement by the insurer, and the ability to spread the risk of these events occurring across other insurance under writers’s in the market.
In the world of finance, risk management refers to the practice of identifying potential risks in advance, analyzing them, and taking precautionary steps to reduce/curb the risk. Such as when an entity makes an investment decision, it exposes itself to a number of financial risks.
1. Drafting & vetting of Contracts
2. Holistic advisory on existing & new products
3. Policy formulations
5. Risk averments
The Regulations IRDAI (Re-insurance) Regulations, 2018 which came into effect from January 1, 2019, has brought new dynamics and much awaited changes in entire insurance and reinsurance industry in India.
The aforesaid regulation had been made applicable to “Indian Insurer”. The word “insurer” itself is very exhaustive and it includes the following :-
A.Indian Insurance Companies,
B.Insurance co-operative societies,
C.Statutory bodies carrying on insurance business, and
D.Foreign Reinsurer’s Branches(FRBs) in India.
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