Please use this identifier to cite or link to this item:
https://www.um.edu.mt/library/oar/handle/123456789/110211
Title: | A risk management framework for life insurance companies |
Authors: | Trivedi, Sonal |
Keywords: | Life insurance COVID-19 Pandemic, 2020- -- Influence Risk management -- Mathematical models Insurance companies -- Risk management |
Issue Date: | 2022 |
Publisher: | ACADlore |
Citation: | Trivedi, S. (2022). A risk management framework for life insurance companies. Journal of Corporate Governance, Insurance and Risk Management, 9(1), 89-111. |
Abstract: | PURPOSE: After the outbreak of COVID-19, the insurance business has experienced losses in terms of decreased demand for an insurance policy, lower return on investment, and increased claim settlement. Thus, risk management plays a significant role in mitigating the risk for businesses. However, risk management is restricted as a predefined approach for managing threats of uncertainty resulting from the activity or error of humans. Furthermore, the life insurance industry faces the challenge of paying claims in case of an increased death rate after the outbreak of COVID-19. Thus, there is a need for a better risk management framework. METHODOLOGY: This paper identifies the gap between the existing risk management model and the model specified by IRDA and suggests a model to mitigate the insurance risk. The study posits that whether an individual is more suitable or not for life insurance can be decided based on a simple factor. By using this tool/model of risk management, a life insurance company can reduce its risk of providing insurance to a customer exposed to high risk. PRACTICAL IMPLICATIONS: This study will help life insurance companies to mitigate their insurance risk. |
URI: | https://www.um.edu.mt/library/oar/handle/123456789/110211 |
Appears in Collections: | JCGIRM, Volume 9, Issue 1, 2022 |
Files in This Item:
File | Description | Size | Format | |
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JCGIRM9(1)A6.pdf | 476.13 kB | Adobe PDF | View/Open |
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