August 20, 2019

Risk Management

Risk Management

Have actuarial responsibilities increased?

In the light of the new regulations recently passed, a critical element of interest to be noted is the role of actuaries. A Premium report.   In a more general definition, actuaries develop and use financial models to make informed financial decisions and set capital requirements while setting out appropriate...

The truth from charred remains

A forensic investigator has many of the skills of an archaeologist, whilst working rapidly to deliver an analysis to the insurer, writes Chris Wareham. Discovering exactly what happened after an incident such as a fire can be crucial in determining how the intricate layers of insurance will respond and how...

IA declares solvency requirements

The UAE recently introduced financial regulations for conventional and Takaful insurance companies with a move to developing market performance. A Premium report. Eng. Sultan bin Saeed Al Mansouri, UAE minister of Economy and chairman of the Insurance Authority, issued Decision No. (25) of 2014 Pertinent to Financial Regulations for traditional...

Professional liability: A prudent business plan

Malpractice claims can prove to be a financially risky proposition. Michael Kortbawi and Barry Greenberg compare the professional liability landscape in the US and the UAE. The necessity of obtaining Professional Liability Insurance (PL coverage) is a component of any prudent professional’s business plan. This article compares and contrasts the...

Developing risk-based strategies

There are no crystal balls when it comes to identifying a risk budget for insurers, explains Luís Portugal. Professionally insurers manage risk and uncertainty and they are supposed to be better than insureds in its management. Ultimately, what they do is to trade risk. The law of large numbers, the...

Implications of fronting arrangements

Sam Wakerley and Luke Hacker take a look at the issues that arise from fronting arrangements, a commonplace phenomenon in the region. Where an insurer is not authorised to write a specific class of business, or where they are not authorised to write direct business, they may arrange for an...

Right insured value vs. under insurance

Rohana Alagiyage demonstrates how to keep property valuations right during ups and downs of the market.  It is a common grievance in many property insurance claim settlement discussions that the amount either offered or approved by the insurance company (Insurer) upon recommendation of the Loss Adjuster is far below the...

Bridging the gap between providers & insured

Craig Carpenter points out the hike in interest for cyber risk insurance and why it has become an acute need in the market. The hottest topic in the insurance world today is “cyber risk insurance” or coverage for the response to and fallout from cybercrime and breaches. As Reuters recently highlighted,...

Sail without a care

Risk is everywhere, and the sea is no different. Aftab Hasan explains what factors should be considered before deciding on an insurance policy for yachts and boats. The weather is light, and it’s that time of the year when a spin around the marina is an enjoyable experience. But even...

ERM: Realising a value proposition

Safder Jaffer identifies the steps to creating a robust ERM framework that will positively impact bottom line profitability. At present, most insurers in the region do not have much of an ERM framework, putting them on the lowest rung of the five ERM maturity stages. Few have climbed the ladder...

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