Insurance and Risk Management

Risk and Uncertainty Concepts; Meaning and Characteristics of Risk; Causes, Degree and Classification of Risk; Types of Risk; Insurable Risk and Non-Insurable Risk; Cost of Risk; Relationship between Risk and Economic Development; Psychology and Attitude Towards Risk; Behavioural Aspects of Risk; Managing Risk and Uncertainty; Risk Measurement Techniques; Cash Flow at Risk (CFaR); Value at Risk (VaR).

Risk Management: Concept, Meaning, Evolution, Purpose, Scope and Importance; Objectives of Risk Management; Role of Risk Management in Economic Growth and Business Sustainability; Risk Management Functions; Role and Responsibilities of Risk Manager; Risk Management Process; Risk Identification; Risk Assessment and Evaluation; Risk Response Strategies; Risk Control and Risk Financing; Risk Management Plan Administration; Risk Management in Global Economy; Future Perspectives of Risk Management.

Role of Insurance in Managing Risk; Meaning, Nature and Importance of Insurance; Purpose and Functions of Insurance; Classification of Insurance; Life Insurance and General Insurance; Insurance Production Process; Relationship between Insurance and Risk; Insurance and Economic Development; Insurance as a Social Security Tool; Determinants of Insurance Market Structure; Insurance Distribution Channels; Reinsurance: Meaning, Purpose, Importance and Forms of Reinsurance.

Insurance Contract: Meaning, Nature and Importance; Subject Matter of Insurance; Principles of Insurance Contract; Essential Features of Insurance Contract as per Contract Act; Special Features of Insurance Contracts; Proposal Form and Documentation; Evidence and Supporting Documents; Payment of Premium; Policy Issuance Process; E-Insurance Policy; Insurance Repositories; Digital Transformation in Insurance Services.

• Regulatory Framework of Insurance Industry; Role of Insurance Regulatory and Development Authority of India (IRDAI); Regulatory Compliance Requirements for Insurance Companies; Corporate Governance in Insurance Sector; Risk Management Practices in Insurance Organizations; Emerging Trends and Challenges in Insurance Risk Management; InsurTech and Digital Insurance; Artificial Intelligence in Insurance Risk Assessment; Data Analytics in Insurance; Ethical Considerations and Social Responsibility in Insurance Industry.
• Activities a. Case studies on insurance claims and risk management practices. b. Risk identification and assessment exercises. c. Calculation-based exercises on Value at Risk (VaR) and risk measurement. d. Analysis of insurance products and policy features. e. Study of IRDAI regulations and insurance reforms. f. Presentations on emerging trends in InsurTech and digital insurance. g. Role play on risk management decision-making. h. Comparative analysis of life and non-life insurance products.