With the increasing dynamism of risk and the growth of professional risk management, the insurance device has become more and more popular these days. Looking at the recent catastrophic events, demand for insurance has increased tremendously with more and more demand for complex and sophisticated products.
Also, the liberalization of markets especially in developing countries has accentuated the need for risk products. Also the recent government policy initiatives like crop insurance, financial guarantee schemes for unemployed, various social security programmes and raising limits of FDI in insurance has resulted into a sudden spurt in the demand of insurance professionals. More and more academic institutions all over the countries are offering highly specialized insurance programmes to cater to this demand.
Recently, the universities in India and abroad have introduced insurance as a specialized study both at graduate and postgraduate level. This has accentuated the dire demand for the litrature on insurance in the Indian context. It is expected that the book shall be useful to the students and as well as the trainers.
The book has been organized into five modules.
Part 1 introduces the concept of risk management to the readers. It conceptualizes the risk definitions, classes of risk; risk management process also discusses the various aspects of disaster risk management.
Part 2 discusses the concept of insurance, its need and presents a global view of insurance. Also, various reinsurance strategies have been discussed.
Part 3 enumerates the underlying principles of insurance. Legal aspects of insurance and various non-life insurance categories, viz., Fire, Marine, Motor and Health insurance have been discussed.
Part 4 deals with IRDA legislation, rules and regulations and other important aspects of insurance.
Part I - Introduction to Risk Management
1. Understanding Risk
2. Managing Risk
3. Measuring Risk
4. Disaster Risk Management
Part II - Mitigating Risk via Insurance Markets
5. Concept of Insurance
6. Globalization of Insurance
8. Miscellaneous Concepts
Part III - Insurance Contracts, Principles and Types
9. Insurance Contracts
10. Principles of Insurance
11. Life Insurance
12. Fire Insurance
13. Marine Insurance
14. Auto Insurance
15. Health Insurance
Part IV - Insurance Regulations and Other Aspects
16. IRDA Framework
17. Insurance Pricing
18. Miscellaneous Aspects