Mumbai: The Insurance Regulatory and Development Authority of India (IRDAI) on Thursday constituted a working group to recommend ways to prevent and minimise losses in the general insurance industry.
The regulator in a statement said that 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 the activities of the various stakeholders involved in these activities for the benefit of all concerned. Research and education in this area needs to be encouraged. Collaboration with the government and various government agencies in this regard will benefit the society at large. It is, therefore, important that all stakeholders work together towards a common end on a common platform.
The panel has been setup under the chairmanship of T.L. Alamelu, member (non-life), and would have G Srinivasan, director at the National Insurance Academy, Kunnel Prem, CEO, of Insurance Inform-ation Bureau of India, M Nagaraja Sarma, secretary general of the General Ins-urance Council C.S. Ayya-ppan, deputy general manager of the New India Assurance Company, Girish Gangadharan, senior manager, GIC Re, Thangaraju Mallan, senior vice-president corporate underwriting at HDFC Ergo General Insurance, Ramanan V, appointed actuary at Max Bupa Health Insurance, S.K. Jain, vice president, Insurance Brokers Association of India, and Yegnap-riya Bharath, CGM (non-life), IRDAI, member convener as members.
