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Efforts to widen insurance coverage,workshop in Nov

NIA and NDMA will organise a workshop in the first week of November in Pune to find new tools and mechanism to transfer risks.

Written by Nisha Nambiar | Pune |
August 18, 2011 2:52:31 am

Insurance cover in India might just get better and bigger. National Insurance Academy (NIA) and the National Disaster Management Authority (NDMA) will organise a workshop in the first week of November in Pune to find new tools and mechanism to transfer risks to ‘individuals or agencies’ rather than just state governments as will be the case by year end.

Dr V Sapovadia,director of NIA said the country is keen on taking on bigger insurance cover. “The idea is find out new mechanisms to transfer risks at three levels – those who will be fully or partially accountable for any disaster should pay or be compelled to be covered through insurance,those who are not accountable but are earning out of those places may be compelled to have insurance cover,rest may be absorbed by local/state/Union government,’’said Sapovadia,adding,the workshop will be attended by NDMA officials,insurance stalwarts,social sector representatives and finance researchers.

Sapovadia said the work will be on the lines of Turkey and the US where people are held accountable.

With the country seeing poor insurance covers,member of NDMA Nanda Kumar said India as a country is under insured. “Whether it is for damaged crops or for earthquake prone structures or a temple stampede and in the recent times terrorist attacks,except the respective governments who have to dole out the compensation,there is no other insurance cover. We have to see insurance cover in a larger context as is seen globally,’’said Kumar.

Chair Professor for General Insurance at NIA Ashok Kulthe said with the rising incidents of terrorist attack,train accidents,earthquakes,avalanches,floods,stampede – disaster management is a very important subect and it’s about time there is enough awareness on risk-prone properties and are covered under insurance. “From risk financing,risk cover,risk transfer and risk protection,all these have to be covered,’’ said Kulthe.

During the workshop,the NIA and the NDMA will also examine the financial succour available through life insurance,financing disaster risk in India apart from a look at various options including micro insurance,agriculture insurance,general insurance,disasters and its consequences,measuring the existing financial impact,preparedness and risk transfer mechanism,Bhopal gas tragedy case and public liability principles and new transfer tools for risk transfer in light of equity.

Insurance Academy Initiative

National Insurance Academy and the National Disaster Management Authority will organise a workshop in the first week of November in Pune to find new tools and mechanism to transfer risks to ‘individuals or agencies’ rather than just state governments.

The Workshop will be attended by NDMA officials,insurance stalwarts,social sector representatives and finance researchers.

The Work will be on the lines of Turkey and the US where people are held accountable.

During the workshop,the NIA and the NDMA will also examine the financial succour available through life insurance,financing disaster risk in India apart from a look at various options including micro insurance,agriculture insurance,general insurance.

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