Money & Banking

IRDAI forms working group on loss prevention in general insurance

Our Bureau Hyderabad | Updated on December 12, 2019 Published on December 12, 2019

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.

Published on December 12, 2019
This article is closed for comments.
Please Email the Editor