The Insurance Regulatory and Development Authority of India (IRDAI) has formed a working group on loss prevention and minimisation in general insurance.
The nine-member committee of experts headed by TL Alamelu, Member, Non-Life, IRDAI will suggest segment-wise ways and means to improve loss prevention and loss minimisation in insurance within 12 months.
It will also evaluate current practices followed by insurance industry in the area of loss prevention and loss minimisation and suggest an approach to synergise activities of the various stakeholders involved in order to ensure better loss prevention and its minimisation.
The working group will also offer recommendations for promoting research, education and services related to tackling the losses of insurers.
“While loss prevention and loss minimisation are aspects insurers are concerned with right from the time a risk is assessed to the time a claim occurs, there is a need to synergise activities of various stakeholders involved in this area needs to be encouraged,’’ M Pulla Rao, Executive Director, IRDAI said.
Loss prevention and loss minimisation are important aspects of loss control in insurance. Steps for loss prevention and loss mitigation not only help the insured but also mitigate economic losses in a larger context.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.