19 May 2005|Noida |
Amity organizes “GLOBAL SEMINAR ON LIABILITY INSURANCE”
Amity Institute of Insurance & Actuarial Science (ASIAS) organized a
“Global Seminar on Liability Insurance” at Amity Campus, Noida on May 19, 2005. The function was inaugurated with the traditional lighting of the lamp followed by the welcome address by
Shri. R. R. Grover, Director- Amity School Insurance & Actuarial Science.
Mr. Jonathan E Michael, President & CEO of RLI Corp., USA, Renowned Insurance Guru under whose leadership and guidance RLI has outperformed the insurance industry average.
RLI has been rated "A+" (Superior) by A.M. Best, "A+" by Standard & Poor`s, and has appeared in the Ward`s 50, a respected benchmark group of the American insurance industry`s top performing companies.
A lexicon of knowledge Mr. Jonathan E Michael addressed the students of Insurance on
`PROPERTY AND CASUALTY INSURANCE POST 9/11`. Mr. Michael highlighted that post 9/11 the insurance industry losses went up to $20.3 billion which accounted only business and personal property claims, business interruption and auto claims. Talking about RLI he added, “We hire very experienced people and all the underwriters are talented to deal effectively with liability insurance. The company has publicly traded $1.1 billion in market capitalization and has assets worth $2.5 billion. The philosophy of the company is product driven; dedication to underwriting profits.”
Explaining the concept of Liability Insurance Mr. Michael added liability insurance provides indemnity to the insured in respect of legal liability due to bodily injury / death and or damage to property of third parties under civil law, along with legal cost. Various liabilities which can arise, can be under law of tort i.e. negligence, statutory law like Public Liability Insurance Act, or the Workmen`s compensation Act (the employer`s liability). It can also arise under a contract e.g. Liability of medical professionals / establishments towards their patients. Even the liabilities arising from the use of a product or from wrongful acts of Director and officers are on the rise.
Shri. Ajay Dadwal, Managing Director, Corporate Risk India Pvt. Ltd. spoke on
`PERSPECTIVE OF LIABILITY INSURANCE IN INDIA`. Mr. Dadwal in his speech mentioned, “Till four years back the Indian Insurance Sector was controlled by State-owned companies. Today the private players have entered the market quite aggressively and giving a run to State-own companies.” Mr. Dadwal commented on the potential of liability insurance in India due to globalisation, increased consumer awareness and active judiciary system. However, there still remains a need to generate awareness when it comes to insurers.
Later in the evening
AMITY GOLDEN LEADERSHIP AWARD was conferred to the stalwarts of Insurance Industry, Mr. Dalip Verma, Managing Director, Tata AIG General Insurance Co and Mr. Sandeep Bakhshi, Managing Director& CEO, ICICI Lombard General Insurance Co.
Mr. Dalip Verma in his thanking note accepted the award on behalf of all the Tata AIG members describing the achievement as a team effort. Mr. Sandeep Bakhshi had everyone applauding once he enumerated the events that led to the extension of insurance cover to rural masses.
The function concluded by a vote of thanks to the eminent speakers and the august gathering for their presence and in making the seminar a success.