Chitkara University Researcher Adds New Data to Research in COVID-19 (A Risk Management Framework for Life Insurance Companies): Coronavirus – COVID-19

NewsRx COVID-19 Daily

2022 SEP 01 (NewsRx) -- By a News Reporter-Staff News Editor at NewsRx COVID-19 Daily -- Investigators publish new report on COVID-19. According to news originating from Punjab, India, by NewsRx correspondents, research stated, “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.”

The news correspondents obtained a quote from the research from Chitkara University: “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. 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.”

According to the news reporters, the research concluded: “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.”

For more information on this research see: A Risk Management Framework for Life Insurance Companies. Journal of corporate governance, insurance and risk management, 2022,9(1). The publisher for Journal of corporate governance, insurance and risk management is CIRU - Centar za istrazivanje i razvoj upravljanja d.o.o.

A free version of this journal article is available at https://doi.org/10.51410/jcgirm.9.1.6.

Our news editors report that more information may be obtained by contacting Sonal Trivedi, Chikara Business School, Chitkara University, Punjab, India.