Farmers’ perception on status of livestock insurance in Surkhet district, Nepal

2021 ◽  
Vol 4 (2) ◽  
pp. 111-123
Author(s):  
Brinda Nepali
Keyword(s):  
Risk Management ◽  
Insurance Companies ◽  
Current Status ◽  
Insurance Company ◽  
Group Discussions ◽  
Face To Face ◽  
Company Limited ◽  
Livestock Sector ◽  
Total Respondent ◽  
Small Holder Farmers

Livestock is an important sector for sustained livelihoods of Nepalese people, particularly for small holder farmers. However, occurrence of any disease or disaster may get livestock as the source of sufferings.  Livestock insurance can come up as an effective tool for risk management in livestock sector.  This study covers the current status and perception of the farmers on livestock insurance. A total of 45 livestock farmers were selected purposively from three municipalities (15 from each municipality) in Surkhet district as Birendranagar Municipality (Birendranagar, Saldada), Bheriganga Municipality (Maintada) and Lekbeshi Municipality (Lekfarsa, Dasarathpur and Satakhani). Data was collected by face-to-face interview with farmers (45), focus group discussions (2) and key informant survey (4). Mortality, high cost of animal, production loss and price risk were the major risks encountered in the farm. Utilization of their saving and loan reimbursement was preferred by the farmers for capital management. Adoption of insurance among livestock owners was found motivated mainly by cooperatives, friends and family. Among twenty insurance companies offering insurance policies in Surkhet district, Everest Insurance Company Limited was popular. Only few farmers were found having complete awareness on livestock insurance. Majority of farmers agreed on insurance as an effective tool for risk management whereas only 64.44% of total respondent farmers were insuring their livestock, out of which 37.93 % had renewed their insurance package. Goats were mostly insured. This study indicates that better coverage, further process simplification, and perspicuity of livestock insurance scheme including awareness raising are essential for livestock insurance to approach higher level of insurance adopters.

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

FINANCIAL MANAGEMENT IN THE ACTIVITY OF INSURANCE COMPANIES

2020 ◽  
Vol 18 (Suppl.1) ◽  
pp. 395-400
Author(s):  
Ts. Andreeva
Keyword(s):  
Risk Management ◽  
Financial Management ◽  
Insurance Companies ◽  
Complex Nature ◽  
Insurance Company ◽  
Independent Unit ◽  
Integrated Risk ◽  
Analysis And Synthesis ◽  
Integrated Risk Management

The article defines the essence and justifies the need for financial management in the activities of insurance companies. PURPOSE: The aim of the article is to bring out the specifics of financial management in insurance and outline the advantages of controlling as a function and part of the management of the insurance company to ensure the necessary solvency. METHODS: The systematic and structural approach, analysis and synthesis, including, study of literature sources and analysis of the existing situation in the practice of the insurance company are used. RESULTS: The results are about highlighting the role of risk management in financial management, as well as the importance of factors - gross technical provisions and others, for risk management of the insurance company. CONCLUSION: Тhe complex nature of financial management requires integrated risk management, which requires the establishment of an independent unit and / or position in financial management and risk management.

Governance and Risk Management in United Kingdom Insurance Companies. Discussion held at the Institute of Actuaries

2009 ◽  
Vol 15 (3) ◽  
pp. 557-572
Keyword(s):  
Risk Management ◽  
United Kingdom ◽  
Internal Control ◽  
Insurance Companies ◽  
Original Research ◽  
Insurance Company ◽  
Equity Risk ◽  
Enterprise Risk ◽  
Complex Models ◽  
Wide Group

Mr M. R. Kipling, F.I.A.: This paper is entitled Governance and Risk Management in United Kingdom Insurance Companies. It is a very timely paper in light of the recent publication of the Turner review which, among other things, covers the governance of UK financial institutions.Mr S. P. Deighton, F.I.A. (introducing the paper): The paper is the first formal output from the Research and Thought Leadership subcommittee of the Enterprise Risk Management (ERM) Practice Executive Committee (PEC). It may seem odd, therefore, that it contains no original research. There is not an equation in sight, and there is only one token diagram. This is because the most important of its key themes is that there is much more to ERM than complex models and fancy mathematics.There are a number of areas associated with ERM. One of them is understanding the wider governance framework within which an insurance company must operate, and hence the introduction to that subject at the beginning of the paper. The second is how to run the very detailed identification and mitigation of the myriad of small risks across a wide group which is at the other end of the spectrum to the multi-million pound derivative transactions that manage equity risk. Our paper sees this as indistinguishable from the internal control framework that a company needs in order to comply on the governance front.

scholarly journals The Evaluation of the Performance of Eastland Insurance Company Limited a Study of Bangladesh

2015 ◽  
Vol 1 (2) ◽  
pp. 29-43 ◽  
Author(s):  
Bijoy Chandra Das ◽  
Soma Rani Sutradhar
Keyword(s):  
Theoretical Analysis ◽  
Insurance Industry ◽  
Real Life ◽  
Legal Framework ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Sector ◽  
Company Limited ◽  
And Performance

This research is conducted on Eastland Insurance Company Limited. It is accomplished on the “The Evaluation of the policies and performance of Eastland Insurance Company Limited”. This study also includes the information on the overview of Eastland Insurance Company Limited, theoretical analysis of insurance and legal framework of insurance industry Bangladesh on. This research is prepared primarily to have clear and real life ideas about the position of Eastland Insurance Company in insurance sector of Bangladesh. The research focuses on the major challenges of insurance industry in Bangladesh that obstruct smooth development of Bangladesh. This study conveys the message that if the insurance companies are operated very smoothly, the insurance sector will flourish very fast way.

scholarly journals THEORETICAL ORDERING OF THE METHODS AND TOOLS OF FINANCIAL RISK MANAGEMENT OF INSURANCE COMPANIES

2017 ◽  
pp. 139-149 ◽  
Author(s):  
Nataliia Prykazyuk ◽  
Lesya Bilokin'
Keyword(s):  
Risk Management ◽  
Financial Risk ◽  
Stress Testing ◽  
Insurance Companies ◽  
Financial Risks ◽  
Insurance Company ◽  
Risk Avoidance ◽  
Financial Risk Management ◽  
Risk Transfer ◽  
And Control

Essence of methods and tools of financial risk management of insurance companies are defined. It has been founf out that the methods of financial risk management of the insurer can be called a system of techniques in the field of financial risk management. Its use allows to solve a number of tasks to a certain extent. For example, it can allow to foresee the occurrence of risk events in the process activities of insurance companies and identify different ways of their avoidance, minimization, and transfer, and to take measures to reduce the consequences of occurrence of such events to the insurer. It has been defined that the tools of financial risk management of the insurance company are the totality of means. With their help we can make the analysis, control and funding of possible financial risks of the insurer that can arise in the process of implementation of economic activity. The methods and tools of financial risk management are closely connected. The main methods of financial risk management of the insurance company are analyzed. The most common methods of risk management in insurance are risk assessment, risk avoidance, risk reduction, risk acceptance, risk transfer. The instruments of financial risk management of the insurer, in particular, stress testing, early warning tests, Monte-Carlo, VaR-methodology, methods, which are based on calculation of indicators of ES, EVA and RAROC, as well as hedging, diversification, valuation, self-insurance, co-insurance and reinsurance are defined. The necessity to use the methods and tools of financial risk management by insurance companies is defined. It has ben provrd that the insurance company should choose the most appropriate methods and tools for risk management. The company should also take into account all the peculiarities of its activities and will assist in the evaluation and control of existing and prevention of possible risks.

scholarly journals Peran Agen Dalam Menentukan Perencanaan Pemasaran dan Meningkatkan Minat Nasabah terhadap Produk Asuransi Syariah

2022 ◽  
Vol 21 (1) ◽  
pp. 25-33
Author(s):  
Al Tasya Fitrah ◽  
Nuri Aslami
Keyword(s):  
Risk Management ◽  
Insurance Companies ◽  
Insurance Company ◽  
Domestic Life ◽  
Direct Communication ◽  
Risk Of Death ◽  
The Face ◽  
Insurance Agent ◽  
Islamic Insurance ◽  
Commercial Organization

Insurance is one of the references to meet the needs and feelings of security in the face of uncertainties that may arise in people's lives and the risks that will be experienced by the company.  Insurance is one of the financial facilities (financial) of domestic life, both in the face of the risk of death and in the face of property risk. In this case, the position of the insurance agent of an insurance company is very strategic, because through this agent the company can market or sell its products to prospective consumers. Agents are also very valuable business assets. An insurance agent is a person who works alone or works in a commercial organization, represents and acts on behalf of an insurance company or sharia insurance company, who is qualified to represent the company. One of the successes of Sharia insurance companies is in the field of marketing. In addition, the agent also plays a role in carrying out activities for the community by introducing financial plans and risk management in insurance and agents also play a role in selecting risk to the customer. customer, assess and measure the extent to which risks that may arise, and determine the best approach to deal with specified risk. Marketing in Islamic insurance requires the ability to recruit, encourage, develop and sell privately (direct communication between sellers and prospective customers and arousing customer interest in the product until the customer is interested in buying the product). Keywords: Insurance, Agent, Marketing Capabilitie, Insurance Customer.

scholarly journals Conceptual Review: Compatibility of regulatory requirements of FSA to Insurance industry in Indonesia for Integrated GRC

2021 ◽  
Vol 1 (5) ◽  
pp. 105-115
Author(s):  
Stefiany Norimarna
Keyword(s):  
Risk Management ◽  
Literature Review ◽  
Financial Services ◽  
Insurance Industry ◽  
Qualitative Approach ◽  
Learning Curves ◽  
Insurance Companies ◽  
Insurance Company ◽  
Regulatory Requirements ◽  
Iso 31000

This study aims to obtain understanding and assurance whether the regulatory requirements of FSA for integrated GRC to the insurance industry are compatible with the requirements and suggested practices of ISO 37000 on Governance, ISO 31000 on risk management, and ISO 37301 on Compliance. The qualitative approach in which literature review and comparative study are conducted to find the degree of fitness of POJK with these ISO standards (ISO 37000, ISO 31000, and ISO 37301). This study found out that the regulatory requirements set forth by FSA (Financial Services Authority) to Insurance Industry for integrated GRC have all been compatible with all the elements of ISO 37000, ISO 31000, and ISO 37301. It means Insurance companies could use those ISO as standards. Therefore, it would be some efforts needed by the industry to carry out their learning curves in assuring the implementation of integrated GRC is continuously calibrated to their respective context either as an insurance company in general or as a particular organization that has its own respective and unique characteristic. The result of this paper could be used as generic inputs and considerations for insurance companies that have initiated their integrated GRC practices and/or just recently commenced and/or improved their practices more effectively.

scholarly journals The Effects of Training to the Employee Performance and Development: A Study of Fareast Islami Life Insurance Company Limited, Bangladesh

2020 ◽  
Vol 4 (2) ◽  
pp. 17-40
Author(s):  
Md. Shahinur Hassan ◽  
Md. Mizanuzzaman Mizanuzzaman ◽  
K. M. Anwarul Islam
Keyword(s):  
Life Insurance ◽  
Financial Stability ◽  
Employee Performance ◽  
Capital Allocation ◽  
Vital Role ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Loss Mitigation ◽  
Company Limited

Fostering more efficient capital allocation; encouraging loss mitigation; enabling risk to be managed more efficiently; helping mobilized savings; facilitating trade and commerce; substituting for and complementing government security programs and promoting financial stability insurance company plays a vital role to a country's economy. Despite prolonged political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms Bangladesh's economy has grown by approximately 6 percent annually for two decades. In this case, the insurance companies of Bangladesh have been keeping a significant role for a long since. Considering the enhancement of the development of insurance sectors, different institutes and academics have been established. But those are inadequate for the fulfillment of developing this industry and manpower also. So, regarding this context, I select the matter of The Effects of Training & Development of Performance: A Case Study of Fareast Islamic Life Insurance Ltd. This study is conducted to Fareast Islamic Life Insurance Head Office and its five branch offices. Identification of the improvement of manpower and their occupational development and how they can contribute to their organization is the main issue of this study.  

scholarly journals Serbian insurance market: Select issues

2010 ◽  
Vol 55 (187) ◽  
pp. 109-124
Author(s):  
Mirjana Obadovic ◽  
Veselin Avdaliovic ◽  
Milica Obadovic
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Insurance Industry ◽  
Insurance Market ◽  
Business Strategies ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Risk ◽  
Comprehensive View ◽  
Operational Risks

Every day insurance companies face a number of risks arising from the insurance industry itself, as well as risks arising from insurance company operations. In this constant fight against risks insurance companies use different models and methods that help them better understand, have a more comprehensive view of, and develop greater tolerance towards risks, in order to reduce their exposure to these risks. The model presented in this paper has been developed for implementation in insurance risk management directly related to insurance company risk, i.e. it is a model that can reliably determine the manner and intensity with which deviations in the initial insurance risk assessment affect insurance company operations, in the form of changes in operational risks and consequently in insurance companies? business strategies. Additionally we present the implementation of the model in the Serbian market for the period 2005-2010.

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