Insurance and Risk Management

ISBN Number : 978-93-5051-667-6

Student Price : Rs.990

Student Dollar Price : 40$

Library Price : Rs.1895

Library Dollar Price : 76$

Book Edition : Second

Year of Publication : 2022

No. Of Pages : 864

Book Weight :1498

About The Book

Insurance is now fast growing area of academic study or profession. The recent financial crisis has witnessed the indispensable need of professionals in the area of risk management. Due to the complexity of the dynamic environment, new insurance products are evolving as well as the existing business models of insurance companies are undergoing significant change. After liberalisation of the economy, large numbers of alternative products and financial services have evolved that paved the way for the potential and unconventional entrants to penetrate the financial market through innovative higher product profile and portfolios, resulting into a sudden spurt in the demand of insurance professionals. The study of insurance as an academic discipline in new form is an obvious outcome. More and more academic institutions all over the countries are offering highly specialised insurance programmes to cater to this demand.

The book is organised 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 introduces the concept of risk management to the readers. Chapter 1 conceptualises 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 organisational 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 explores the insurance business environment in India. It has been divided into two sections Section I deals with legal environment covering the various insurance laws and enactments concerning insurance business. Section II deals with economic and financial environment covering the historical evolution of insurance, the privatisation of the insurance sector and insurance industry facts, accounting and taxation aspects and global picture of insurance.


Contents :

1. Understanding Risk
2. Risk Management and Control
3. Enterprise Risk Management
4. Introduction to Insurance
5. Principles of Insurance
6. Mathematical Basis of Insurance
7. Insurance Contracts and Provisions
8. Primary Insurance Laws
9. Special Purpose Insurance Laws
10. Miscellaneous Laws Concerning Insurance
11. Insurance and Economy
12. Insurance Industry in India
13. Accounting and Taxation for Insurance
14. Insurance in Global Perspective
15. Introduction to Life Insurance
16. Life Insurance Contracts & Policy Provisions
17. Life Insurance Products
18. Life Insurance Underwriting and Rating
19. Life Insurance Claims Management
20. Group Insurance
21. Life Assurance Management
22. Introduction to General Insurance
23. Practice of Non-Life Insurance
24. Fire Insurance
25. Marine Insurance
26. Automobile Insurance
27. Health Insurance
28. Rural Insurance
29. Social Insurance
30. Project and Engineering Insurance
31. Liability Insurance
32. Miscellaneous Insurance
33. Functions and Organization of Insurers
34. Product Design & Development
35. Underwriting
36. Insurance Pricing
37. Marketing of Insurance Products
38. Claims Management
39. Insurance Intermediaries
40. Financial Aspects in Insurance Companies
41. Reinsurance
42. Information Technology in Insurance
43. Risk Management in Insurance Companies

About The Author

Dr. P.K. Gupta is a postgraduate from Faculty of Commerce and Business Studies, Delhi School of Economics, University of Delhi and Ph.D. in Finance. He is fellow member of the Institute of Cost and Works Accountants of India, fellow member of the Institute of Company Secretaries of India, Chartered member of the Institute of Chartered Financial Analysts of India and fellow of the Insurance Institute of India, Mumbai. He has experience of more than twenty years in industry and academics.

He has presented papers in various international conferences and has won outstanding research awards. He has also published several research papers and articles in reputed journals and magazines. He has organised various Seminars, Workshops and Management Development Programmes in the area of Finance and Risk Management and has been involved in various consultancy assignments. His corporate training endeavours include Risk Management in Banks, Financial Risk Management, Project Risk Management, Cash Flow Analysis, E-banking, etc.

He is the founder of Society for Professional Development (Regd.), Delhi and President of Delhi Professionals` Association (Regd.), Delhi. He is also the Regional Director of the Delhi chapter of Professional Risk Management Association, USA.

He is presently associated as Professor (Finance and Risk Management) with Centre for Management Studies, Jamia Millia Islamia University, New Delhi. He has supervised Ph.D.s in various areas of finance, insurance, risk management, banking etc. He has been a visiting faculty with various prestigious management institutions i India and abroad. He is the founder of Society for Professional Development (Regd.), Delhi and President of Delhi Professionals Association (Regd.), Delhi. He is also the Co-Regional Director of the Delhi chapter of PRMIA, USA.

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