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Risk assessment in insurance companies is a qualitative leap in their business
26/9/2017 12:00 am [rtl] Baghdad / Mustafa Hashemi The subject of the academic study of insurance and continuing vocational training is part of the transformation of the insurance institution, as an open institution in which anyone with a degree in natural sciences and humanities and others, as is the case at present, to a semi-closed, , The work is limited to those who have theoretical or practical specialization in insurance or related to it, which is emphasized in the advanced insurance markets to professionalize the work in the insurance sector. Insurance researcher Mashaa Kamal explained the importance of developing the reality of insurance by taking measures, including attention to promising human potentials, despite the low and scattered, and developed in order to lay the foundations of transformation in academic and professional institutions and in some insurance companies . Kamal pointed out in an interview with Al-Sabah that the state of the insurance curriculum reflects the real reality of insurance activity, and this is evidenced by the qualitative development in insurance study in the era of insurance boom in the seventies of the last century. The existence of an actuarial expert with scientific knowledge and high training in insurance companies could constitute a qualitative shift in the work of those companies, as it would reduce the reliance on trial and error in determining the insurance company's liabilities. Risk size According to the Wiki Encyclopedia, actuarial science or risk assessment is the one that uses computational and statistical methods to estimate risk in the insurance and financial industries. Actuaries are qualified persons in terms of education and experience in this field. Actuarial sciences include a number of related topics, including probabilities, arithmetic, statistics, finance, economics and computer programming. Life and death schedules used by life insurance companies may be the most popular applications of this science. This science has undergone revolutionary changes over the past few decades with the proliferation of supercomputers and the integration of actuarial models with modern financial theory. "It is regrettable that many graduate insurance graduates migrated out of Iraq or retired from work, so the accumulation of collective knowledge in insurance has been negatively affected by their absence," Kamal said. According to the few information available to us, the insurance curriculum has not been expanded to include actuarial risk or actuarial study. Insurance Framework He added that these two topics, risk management and actuarial sciences, can enter a new approach to academic and practical dealings with public insurance, life insurance and reinsurance. In order not to be misunderstood, the issue of risk management infiltrated Iraqi universities in the 1980s, To understand his tightness within the insurance framework, noting that actuarial science is also not extended to include life insurance mathematics, the various reserves held by insurance companies. Kamal stressed the importance of real cooperation and coordination between the insurance companies, represented by the Iraqi Insurance Association on the one hand, and the Ministry of Higher Education and Scientific Research on the other to study the need for insurance specialties and to develop a plan to teach the insurance. He added: Based on the facts of the reality of insurance activity in Iraq at the present time it can be said that the expected transformation (renewal of the blood of the insurance sector) will take a long time unless we see a significant development in the volume of insurance business written (at least billion dollars in a year or two with a calculated increase For the capital of insurance companies), and to absorb the enormous digital technological impacts that permeate the management of enterprises and services, the resulting imbalances in production processes and the complexity of dealing with compensation claims arising therefrom. IPO methods on the other hand , Kamal said: "The insurance activity that we know in Iraq , a foreign source , whether it is attached to the methods of underwriting, internal regulation of insurance companies, and insurance policies. The situation changed with the establishment of Rafidain Insurance Company (1946), the National Insurance Company (1950) and the introduction of appropriate legislation, as well as the introduction of certain insurance products, including life insurance, engineering insurance , Family protection insurance. He also said that he is considering developing the benefits of the local experience in the past. It is also possible to study the introduction of a family insurance policy by the National Insurance Company: sending an insurance practitioner to the London market to study the forms of the documents in circulation, . The pioneering experience in establishing the Iraqi Reinsurance Company (1960) can also be used: how did the idea come about and how it was achieved on the ground and how it became one of the world's leading reinsurers in the period 1960-1980?[/rtl] [rtl][You must be registered and logged in to see this link.] [/rtl] |
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