DFIN404 INSURANCE AND RISK MANAGEMENT

Description

SESSION	FEB-MAR 2025
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	IV
COURSE CODE & NAME	DFIN404 INSURANCE AND RISK MANAGEMENT

 

 

Assignment Set – 1

 

 

Q1. Write a short note on the general structure of the Insurance market.          10       

Ans 1.

Insurance Market Structure

The insurance market is a crucial component of the financial system, offering risk transfer mechanisms and financial protection to individuals, businesses, and governments. The structure of the insurance market is designed to support a wide variety of insurance needs through a network of players, regulatory frameworks, and service models. The structure ensures that risk is managed efficiently, claims are processed fairly, and policies are underwritten

 

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Q2. Reforms in the Indian Insurance Industry

Ans 2.

Insurance Sector Reforms

The Indian insurance industry has undergone significant reforms since the 1990s, transitioning from a state-dominated setup to a competitive, private-sector-driven industry. These reforms have been instrumental in expanding insurance penetration, introducing innovative products, and ensuring better regulatory control. The aim of the reforms has been to make insurance more accessible, customer-centric, and financially robust.

Liberalization and

 

 

Q3. What are the various financial factors that influence the functions of the insurance industry?   

Ans 3.

Financial Factors in Insurance

The insurance industry, like other financial services sectors, is highly influenced by a range of financial factors. These factors determine not just the operational efficiency and solvency of insurance companies but also their pricing strategies, risk management approaches, and ability to fulfill policyholder claims. A stable financial foundation is essential for sustaining trust and ensuring long-term growth

 

 

 

Assignment Set – 2

 

 

Q4. Explain in detail the Product development process in India’s Life and Non-Life Insurance sectors. 10  

Ans 4.

Product Development in Insurance

Product development is a critical function in both life and non-life insurance sectors, aimed at creating innovative insurance solutions that meet the evolving needs of customers while aligning with regulatory norms. The process involves several stages—right from market research to regulatory approval and final launch. In India, this process is governed by IRDAI, ensuring consumer protection and

 

 

Q5. Write a short note on the objectives of claim management.   10       

Ans 5.

Claim Management

Claim management is a vital function within the insurance industry that deals with handling and processing of claims made by policyholders. It ensures that valid claims are settled efficiently, fairly, and in accordance with the policy terms. An effective claim management system builds customer trust, enhances insurer reputation, and ensures financial stability.

Ensuring Prompt and

 

Q6. Mention the types of Reinsurance in brief.      10

Ans 6.

Reinsurance

Reinsurance is the process through which insurance companies transfer a portion of their risk portfolios to another insurer, called the reinsurer. This risk-sharing mechanism protects insurers against significant losses, enhances capacity, and ensures financial stability. Various types of reinsurance arrangements exist based on how the risks and premiums are shared.

Facultative