Insurers urged to develop high calibre techniques

Hyderabad, Aug 22 (UNI) Union Ministry of Statistics and Programme Implementation secretary Pronab Sen today urged the insurers to develop high calibre techniques to assess valuation risks.

Delivering the third convocation address of the Institute of Insurance and Risk Management (IIRM), jointly set up by the Insurance Regulatory and Development Authority (IRDA) and the Andhra Pradesh Government, he said,''In life, there are no absolute probabilities but only conditional probabilities. Quite often, the conditional risks are measurable.'' Noting that Banking and Insurance were the most data intensive activities, he opined that data generated from within those sectors were insufficient to address the problems faced by them. They should go beyond the conventional boundaries to assess risks, he added.

After making a mark in Engineering and Information Technology sectors, the country was all set to make a mark in the insurance sector, IRDA Chairman J Harinarayan pointed out.

''We are basically good at dealing with complex concepts - Statistics and Mathematics,'' he added.

IIRM Managing Director Vepa Kamesam revealed that the Sawyer Business School at Suffolk University, Boston, had offered to take IIRM PG Diploma holders in its one-year Master's programme by waiving GMAT and TOEFL requirements.

The Andhra Pradesh government's pet health insurance scheme ''Rajiv Aarogyasri,'' for which the IIRM continued to be consultants, had received nationwide appreciation, including from Planning Commission Vice-Chairman Montek Singh Ahluwalia, he added.

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