自有人类以来，各种自然灾害、意外事故就时常威胁着人类的生存与发展，为了寻求防灾避祸、安居乐业之道，萌生了对付各种自然灾害、意外事故的保险思想和一些原始形态的保险做法，中外历史上对此均有记载。现在保险最早是起源于意大利的海上保险，继而有了火灾保险、人寿保险、责任保险、信用保险等等。本文是一篇保险与风险管理essay代写案例，主要介绍的是保险的起源、风险管理与保险的关系。hotessay为您提供商科保险管理英文论文代写服务，欢迎联系我们的在线客服咨询！
It all started by the
Marine insurance in the end of the 12th Century in Northern Italy. In 1575,
with the opening of a special Chamber of Assurance in England to register
marine policies as evidence of contract and its terms to facilitate the
settlement of disputes. By the early 18th Century, further development led to
the setting up of an organization named Lloyd’s, now a benchmark in the
worldwide insurance industry and which has successfully competed with other
companies till date. Success and the progress of the Industrial Resolution
quickly attracted other companies to provide marine insurance and this resulted
in the first Marine Insurance Act 1906 in UK.
Gradually, the need for some other form of insurance arose. The Great Fire of London drew attention to the lack of formal means to provide compensation in case of fire damage. Similarly, other policies emerged with the effect of the Industrial revolution and starting up of new classes of business. As from then, types of policies started including fire and perils (riot or civil accommodation, aircraft, earthquake, storm, and tempest, burst pipes and impacts). Life assurance was introduced in the 16th Century and evolved over time, extending to Industrial life assurance. Motor insurance was a result of the introduction of the first mechanically-propelled road vehicle in London in 1894, and the list of insurance policies provided kept on increasing with time and spread rapidly across countries. THIS PART YOU HAVE DONE IT.
1.2.2 What is an insurance?
Every day, in every corner of the world, a little business or a big one is being set up. Be it of the size or the type of industry they may form part, businesses have to deal with risks every day. Therefore, Insurance is a vital tool for any business activities and any kind of enterprise. However business does not only protects business and the country’s wealth it also ensure in protection to the individuals also.
Businesses can
operate in cost-effective manner as insurance provides risk transfer
mechanisms. Businesses can take on credit from the bank and other
credit-providers which without Insurance it would not have been available.
Insurance encourage the commercial sectors be it small or big enterprise to
take risk and hence creating and ensuring the economic growth.
As mention
earlier, insurance is also very important for the private individuals. Here,
insurance will help families and individuals to protect themselves from certain
insecurities. For a normal individual; life, health, property and other
insurance may revealed to be useful to provide a stability financially as well
as a peace of mind.
Insurance is legal and financial product that connects an Insurance Company and the policyholder whereby if a specific event happen to the policyholder the company is bound to pay the losses of the insured.
1.2.2 Insurance and Risk Management
Risk Management are tools that allow businesses to understand risks and identify costs. Here, Insurance help his clients to understand risks and manage it thus reducing the risk of any event that will cause losses to the business to occur. In more technical words, risk management is about analyzing potential losses, lessening the risks and hence protecting the financial assets. Therefore, the Insurance Company provides assistance to its clients by proposing insurance products that businesses buy to feel secure.
1.2.3 Types of Insurance
There are three types of insurance: Long Term insurance, General insurance and Credit or Debt insurance.
Long term
Insurance
Long term insurance include both health and life insurance. Health insurance may be in various forms but its main purpose is to pay for medical expenses and for services that the health care plan does not cover on regular basis. As for the life insurance, there can be both term and permanent. Life insurance provides a financial security to the insured family. In a life insurance, the insured buy a life insurance policy and upon the death the insured the beneficiary will receive a financial payment.
General Insurance
General
Insurance can also be referred as Property and Casualty Insurance. It includes
home, tenant, auto and business insurance. Here home and tenant insurance is
known as property and renter insurance respectively. General Insurance covers
loss or damage which has happened in a home, a car and a business. It also
provides securities against legal liability for losses.
Credit or Debt
Insurance
This type of insurance protects the insured if he is not able to repay a debt or a credit in case of accident, illness or death.
1.2.4 Who are the main stakeholders of the Insurance Company?
In the insurance
sector, there is an insurer and an insured. The insurer is the one who accepts
to pay for the risk if there an event to occur in simple words it is the
Insurance Com. The insured is the one who will receive an insurance in case of
any problems caused. The Insured is bound to pay for a fee or a premium yearly.
1.2.5 Reinsurance
"Reinsurance
is insurance for insurance companies"
Reinsurance is
the transfer of part of the hazards or risks that a direct insurer assumes by
way of insurance contract or legal provision on behalf of an insured, to a
second insurance carrier, the reinsurer, who has no direct contractual relationship
with the insured. (M. Crossman, Reinsurance-An Introduction)
Basically the Insurance Companies encounter yearly flux in its account and this may result to loss. Hence being reinsured helped the insurer to limit this type of risk. Furthermore, Reinsurance protects the Insurance Company against calamities. Direct Insurers thus have less burden.
Insurance Sector in Mauritius
Brief History of the Insurance Sector in Mauritius
The Phoenix
Assurance Company was the 1st insurance company set up in Mauritius in year
1835. Then, there was the Commercial Union formed a few years later. 10 years
later the Mauritian Shareholders formed Mauritius Marine Insurance Company
after which the Mauritian Fire Insurance Company was formed again by
Mauritians.
According to a
list issued in July 2012 by the Financial Services Commission, there are in
total 22 insurance companies in Mauritius that is 22 insurer.
INSURERS UNDER PROVISIONAL LIQUIDATION
S/N
Insurance
Company
Date of
Incorporation
Category of
Business
1Leadway Insurance Co. Ltd
No information
General
Insurance Business
2Rainbow Insurance Company Ltd
17.08.1976
General Insurance Business
Table 1: Table showing Insurers under Provision Liquidation
Among the 22
Insurance Companies there are some international insurance companies such as
LAMCO, BAI, Lloyds, Credit Guarantee Insurance Ltd…
A list below of
the Insurance Companies with their date of incorporation and category of
business are represented in Table 2:
S/N
Insurance
Company
Date of
Incorporation
Category of
Business
1BAI Co (Mauritius) Ltd
1969
INS-1.1 Long
Term Insurance Business
2CIM Insurance Ltd
3.05.2010
INS-1.2 General
Insurance Business
3CIM Life Ltd
3.05.2010
INS-1.1 Long
Term Insurance Business
4Credit Guarantee Insurance Co Ltd
February 2009
INS-1.2 General
Insurance Business
5G.F.A. Insurance Ltd
13.09.1996
INS-1.2 General
Insurance Business
6Indian Ocean General Assurance Ltd
10.04.1970
INS-1.2 General
Insurance Business
7Island Life Assurance Co Ltd
02.12.1982
INS-1.1 Long
Term Insurance Business
8Jubilee Insurance (Mauritius) Ltd
17.01.1997
INS-1.2 General
Insurance Business
9LAMCO International Insurance Ltd
06.06.1978
INS-1.2 General
Insurance Business
10La Prudence (Mauricienne) Assurances Limitée
03.10.1988
INS-1.1 Long Term
Insurance Business
11Life Insurance Corporation of India
30.11.1956
INS-1.1 Long
Term Insurance Business
12Lloyd’s
No information
Lloyd’s
representative in Mauritius
13Mauritian Eagle Insurance Company Limited
22.12.1973
INS-1.2 General
Insurance Business
14Mauritian Eagle Life Company Limited
22.12.1973
INS-1.1 Long
Term Insurance Business
15Phoenix Insurance (Mauritius) Limited
No information
INS-1.2 General
Insurance Business
16State Insurance Company of Mauritius Ltd
30.06.1988
INS-1.1 Long Term
Insurance Business
17SICOM General Insurance Ltd
30.06.1988
INS-1.2 General
Insurance Business
18Sun Insurance Co. Ltd
18.02.1981
INS-1.2 General
Insurance Business
19Swan Insurance Company Ltd
31.03.1955
INS-1.2 General
Insurance Business
20The Anglo Mauritius Assurance Society Limited
30.04.1951
INS-1.1 Long
Term Insurance Business
21The Mauritius Union Assurance Co. Ltd
26.07.1948
INS-1.2 General
Insurance Business
22The New India Assurance Company Ltd
04.05.1957
INS-1.2 General
Insurance Business
Table 2: List of Insurance in July 2012
Regarding the
Reinsurance Companies, there are 3 important one that should be mentioned and
they are:
African
Reinsurance Corporation
Hannover
Reinsurance (Mauritius)
Munich
Reinsurance Company of Africa Limited
Insurance Intermediaries
As per the
Financial Services Commission under list of insurance brokers (fsc code
ins-2.3), there are 26 Insurance Brokers.
Still according
to the FSC, Last Updated on 16 January 2013, there are 218 insurance agents
On the 08 April 2008, the FSC Captive declared that there are 7 Captive Insurance Managers.
