2022 Sep 01 (NewsRx) — By a News Reporter – Staff News Editor at NewsRx COVID-19 Daily — Investigators release new report on COVID-19. According to news from Punjab, Indiaby NewsRx correspondents, the research said, “After the outbreak of COVID-19, the insurance industry suffered losses in terms of reduced demand for an insurance policy, lower return on investment and ‘increase in claims settlement’.
News correspondents got a quote from the research of Chitkara University“Thus, risk management plays an important role in mitigating risk for businesses. However, risk management is restricted as a predefined approach to manage threats of uncertainty resulting from activity or human error. Additionally, the life insurance industry faces the challenge of paying claims in the event of an increase in the mortality rate after the COVID-19 outbreak. So there needs to be a better risk management framework. This document identifies the gap between the existing risk management model and the model specified by IRDA and proposes a model to mitigate insurance risk.
According to the journalists, the research concluded: “The study posits that whether or not an individual is more suitable for life insurance can be decided based on a simple factor. By using this risk management tool/model, a life insurance company can reduce its risk of providing insurance to a high risk customer.
For more information on this research, see: A Risk Management Framework for Life Insurance Companies. Review of corporate governance, insurance and risk management, 2022.9(1). The publisher of the Journal of Corporate Governance, Assurance and Risk Management is CIRU – Centar za istrazivanje i razvoj upravljanja doo
A free version of this review article is available at https://doi.org/10.51410/jcgirm.9.1.6.
Our news editors report that more information can be obtained by contacting Sonal Trivedi, Chikara Business School, Chitkara University, Punjab, India.
(Our reports provide factual information on research and discoveries around the world.)