The Indian insurance industry and climate change: exposure, opportunities and strategies ahead

2006 ◽  
Vol 6 (6) ◽  
pp. 658-671 ◽  
Author(s):  
Ulka Kelkar ◽  
Catherine Rose James ◽  
Ritu Kumar
Keyword(s):  
Climate Change ◽  
Insurance Industry ◽  
Indian Insurance

The Indian insurance industry and climate change: exposure, opportunities and strategies ahead

2006 ◽  
Vol 6 (6) ◽  
pp. 658-671 ◽  
Author(s):  
Ulka Kelkar ◽  
Catherine Rose James ◽  
Ritu Kumar
Keyword(s):  
Climate Change ◽  
Insurance Industry ◽  
Indian Insurance

scholarly journals Insurance Services with Special Reference to Star Health and Allied Insurance Company Limited

2019 ◽  
Vol 8 (2S8) ◽  
pp. 486-489
Keyword(s):  
Health Insurance ◽  
Insurance Industry ◽  
Insurance Company ◽  
Related Factors ◽  
Insurance Policies ◽  
Current Health ◽  
Company Limited ◽  
Major Factors ◽  
And Control ◽  
Indian Insurance

Medical coverage is budgetary instrument with which individuals are shielded against catastrophic financial weight emerging from unforeseen disease or damage. Having a well working protection system ensures pooling of assets to cover dangers. The medical coverage segment in India is in a beginning stage and a mere 9% of the complete populace is secured under any plan of medical coverage since Health Insurance policies are administrations and henceforth elusive in nature. So there is no prompt shot of acknowledging the services whether fortunate or unfortunate. Indian Insurance Industry has encountered a swelling impact after globalization and the progression of the economy. After the financial advancement, the paradigm changed from focal arranging, direction and control to showcase driven improvement. The level of buying of medical coverage shifts from individual to individual. It relies on numerous variables. The elements can be classified into individual, social, financial, mental and friends related factors. On the off chance that the health insurance business wishes to pull its weight in forming this immense market, it needs to examine the major factors impacting the buy of medical coverage arrangements, With rivalry developing perpetually, insurers need to be in the nonstop procedure of item advancement concoct inventive approaches to contribute toward actualizing the administration's need of offering medical coverage to poor. The current health insurance projects required considerable changes to make them increasingly effective and socially helpful.

scholarly journals Innovation Processes in Emerging Markets: Empirical Evidence from the Indian Insurance Industry

2014 ◽  
Vol 18 (1) ◽  
pp. 40-57 ◽  
Author(s):  
Mohit Anand ◽  
Philippe Monin
Keyword(s):  
Emerging Markets ◽  
Empirical Evidence ◽  
Research Design ◽  
Insurance Industry ◽  
Emerging Market ◽  
Case Research ◽  
Second Stage ◽  
Multiple Case ◽  
Innovation Processes ◽  
Indian Insurance

How do organizations innovate to respond to emerging market issues? Building on a multiple-case research design, we study four cases of innovation in the Indian insurance industry. In the first stage of our analysis, we identify seven innovation processes: Demystification, technologization, bundlization, indigenization, retailization, commoditization and segmentation. In the second stage, we find that these seven processes serve as generic responses to three typical issues: management of meanings and values, accessibility and affordability that firms face in emerging markets. Our findings contribute to a better understanding of innovation processes in emerging markets.

Windstorm and storm surges in Europe: loss trends and possible counter-actions from the viewpoint of an international reinsurer

2005 ◽  
Vol 363 (1831) ◽  
pp. 1431-1440 ◽  
Author(s):  
Gerhard Berz
Keyword(s):  
Climate Change ◽  
Land Use ◽  
Natural Disasters ◽  
Insurance Industry ◽  
Storm Surges ◽  
The State ◽  
Economic Losses ◽  
Policy Options ◽  
Design Code ◽  
The World

Windstorm disasters (including storm surges) account for about one-third of all natural disasters throughout the world (by number, fatalities and economic losses), but for more than two-thirds of the corresponding insured losses. Trend analyses reveal that major windstorm disasters and the losses generated by them have increased drastically in recent decades. Risk partnership between the state, the affected population and the insurance industry assumes a key role with regard to the windstorm hazard. Scientists, engineers and insurers must work together in formulating their requirements and shaping them in such a way that politicians can derive clearly recognizable policy options (e.g. land-use, restrictions, design-code adjustments) from them. Another important aspect is stepping up the efforts being made towards curbing climate change, which will, otherwise, exacerbate the risk in the future.

'Islands of excellence’ in catastrophe & disaster risk data, tools and services in the face of the climate change crisis – how can innovation systems advance stakeholder understanding and use of catastrophe and disaster sciences?

2020 ◽  
Author(s):  
Tracy Irvine
Keyword(s):  
Climate Change ◽  
Insurance Industry ◽  
Disaster Risk ◽  
Scientific Data ◽  
Academic Institutions ◽  
The World ◽  
The Face ◽  
Innovation Approach ◽  
Systems Transformation ◽  
Science Innovation

<p>New catastrophe and disaster risk data, tools and services can often include complex science and algorithms that offer profoundly important information on understanding risk or can inform climate adaption. However, if few people know about or understand how and in what context to use these tools, they remain on the databases of academic institutions and in scientific journals across the world. How many tools that could transform the world’s understanding of risk and ways to adapt to that risk already exist or are currently under development? The answer is likely to be in the hundreds. But, how many of those tools have ever been used beyond one or two scientific case studies? The answer is likely to be, in most cases, very few.</p><p> </p><p>Academic institutions often administer barriers on access to their data and tools through institutional data management and by specifically implementing non-commercial use licensing in the dissemination of tools once scientific studies are completed. In addition, very commonly, insufficient thought is put to the exploitation strategies of these tools. The gaps in understanding and trust between academia and the needs of business sometimes feel insurmountable on both sides. Is ‘custom’ defying reason in the face of the climate change crisis and the need for rapid systems transformation globally?</p><p> </p><p>The Oasis family, offers new approaches around transparency, collaboration, dissemination and exploitation and the encouragement of intereoperability by providing platforms that allow for comparative approaches to scientific data and tools.</p><p> </p><p>Firstly, "OASIS LMF is an open source platform for developing, deploying and executing catastrophe models to enable the “plug and play” of hazard and vulnerability modules (along with exposure and insurance policy terms) by way of a set of data standards that describe a model. It has been built in collaboration with the insurance industry (https://oasislmf.org/)." Oasis Palmtree offers support to enable access to this system.</p><p> </p><p>Secondly, Oasis Hub, has designed science innovation approaches to bringing tools and data to wider, diverse audiences in collaboration with scientific institutions. We discuss "OASIS Hub, as a global window and conduit to free and commercial environmental, catastrophe and risk data, tools and services (https://oasishub.co/) as an example of a new innovation approach.</p>

Assessing the global risk of climate change to re/insurers using catastrophe models and hazard maps

2020 ◽  
Author(s):  
Sarah Jones ◽  
Emma Raven ◽  
Jane Toothill
Keyword(s):  
Climate Change ◽  
Sea Level ◽  
Flood Risk ◽  
River Flow ◽  
Climate Model ◽  
Flood Hazard ◽  
Insurance Industry ◽  
Global Climate Model ◽  
Hazard Maps ◽  
The Impact

<p>In 2018 worldwide natural catastrophe losses were estimated at around USD $155 billion, resulting in the fourth-highest insurance payout on sigma records, and in 2020 JBA Risk Management (JBA) estimate 2 billion people will be at risk to inland flooding. By 2100, under a 1.5°C warming scenario, the cost of coastal flooding alone as a result of sea level rise could reach USD $10.2 trillion per year, assuming no further adaptation. It is therefore imperative to understand the impact climate change may have on global flood risk and insured losses in the future.</p><p>The re/insurance industry has an important role to play in providing financial resilience in a changing climate. Although integrating climate science into financial business remains in its infancy, modelling companies like JBA are increasingly developing new data and services to help assess the potential impact of climate change on insurance exposure.</p><p>We will discuss several approaches to incorporating climate change projections with flood risk data using examples from research collaborations and commercial projects. Our case studies will include: (1) building a national-scale climate change flood model through the application of projected changes in river flow, rainfall and sea level to the stochastic event set in the model, and (2) using Global Climate Model data to adjust hydrological inputs driving 2D hydraulic models to develop climate change flood hazard maps.</p><p>These tools provide outputs to meet different needs, and results may sometimes invoke further questions. For example: how can an extreme climate scenario produce lower flood risk than a conservative one? Why may adjacent postcodes' flood risk differ? We will explore the challenges associated with interpreting these results and the potential implications for the re/insurance industry.</p>

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