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Successfully Completed
2 Days Non Residential Programme on Risk Assessment & Fire Insurance Claims January 30 & 31, 2012 (Monday / Tuesday)- New Delhi |
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| Detailed Highlights of the Programme |
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| PHD Chamber jointly with Insurance Foundation of India organized a two day Training Programme on ‘Risk Assessment and Fire Insurance Claims’ on 30th and 31st January 2012 at PHD House, New Delhi. |
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Shri Suman Jyoti Khaitan, Senior Vice President, PHD Chamber, in his inaugural address highlighted that Fire insurance is one of the major insurance policies that is covered under General Insurance. Collections from Fire and Marine segments increased by 17.72 per cent and 16.20 per cent respectively in 2010-11 after remaining stagnant in 2009-10. Around 15 per cent of policies in non-life insurance segment result in claim. In order to ensure that the insurer is in the position to promptly settle all its claims, it needs to do a careful evaluation of the risks that would arise out of the underwritten contracts and price their premiums accordingly. If an insurer fails to anticipate claims correctly it runs the risk of erosion of capital and of solvency/liquidity issues. On the servicing/market conduct front, insurers need to develop a robust claims processing mechanism which is speedy and policyholder-friendly. Excessive time-lags in settlement of claims or higher percentage of repudiations do not speak well of insurers’ approach to its business and to its policyholders. |
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The keynote speech of Mr. R K Elango, President, Indian Institute of Insurance Surveyors & Loss Assessors (IIISLA) covered that a risk assessment involves evaluating existing physical and environmental security and controls and assessing their adequacy relative to the potential threats of the organization. To avoid any litigation and fair assessment of loss, thorough knowledge of present day technical advancement is the need of the hour for which training is essential to serve the public better. |
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| Shri Pawan Puri, Co-Chairman, Insurance, Banking and Financial Services Committee, PHD Chamber, in his address said that the objective of the programme was to provide an opportunity to participants to interact with faculty, who have vast experience of dealing with businesses and claims worldwide and to learn about steps to be taken by organizations to face disaster / calamity, mistakes to be avoided by organizations so that fire /natural calamities do not harm organizations financially as well affect the goodwill/brand equity /market capitalization, discussions on companies that were successful in facing disaster & obtaining insurance claims within a reasonable time and companies who mishandled disaster and lost substantially. |
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Shri S. K. Sethi, Vice President, Insurance Foundation of India gave a detailed presentation on ‘Risk Assessment- Its Necessity’ highlighting causes of improper risk assessment and cited some important case studies of companies who successfully handled fire insurance. |
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| The other eminent faculty members who addressed the programme included -Mr. K. S. Vishwanath, Consultant and Author of International fame, Mr. V. N. Arunn, very Senior Valuer and Loss Adjuster, Mr. Sanjeev K. Sharma, Senior Chartered Accountant, Forensic Analyst and Loss Adjuster, Dr. Deepak Goyle, Director, ASTRON Hospital and Health Care Consultant Pvt . Ltd., Mr. Vinod Sehgal, Managing Director, Bajaj Capital Insurance Broking Pvt. Ltd., Mr. Sagar Sanyal, Senior Consultant and Professional Trainer on Risk Management, Mr. M Raja Ram, Head Broking, J B Boda Insurance Brokers Pvt. Ltd., Mr. P. S. Ramnathan, Eminent Forensic Analyst and Loss Adjuster. The topics covered in the programme included importance of clarity in policy wordings for contact certainty, issues in valuation of fixed assets and adequacy calculations, issues in assessment of fixed asset losses and adequacy calculations, insurance for fire and allied risks : understanding compulsions for hazard assessment in health care industry, key issues in insurance policies and delivering at the time of a claim, mitigating warehouse risks, issues in valuation of stock and adequacy calculations and claims experience. |
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