Kavitha brings Laurels to ASIBAS. A Studnent of MSC Acturial Science,2011-2013 topped in Statistical Methods conducted by Institute of Acturies, Mumbai in May,2012. She is the third student to achieve this All India Prestegious rank from ASIBAS. Earlier Aakash Gupta stood first in Financial Mathematics and Gautam Sehgal in Stochastic Modeling.The Institution was in a celebratory mode.She is crowed with the cake to the great delight of on lookers.   

  

Hammurabi Code- Early Form of Insurance

Insurance in business terms can be defined as “a means of protecting or safeguarding against risk or injury”. Lets know a little about how “Insurance” started? Who started it and When?
Well, lets try knowing a bit more about this.

Way back in Babylonian times, around 2100 B.C., the Code of Hammurabi* was the first basic insurance policy. This policy was paid by the traders in the form of a loan to guarantee the safe arrival of their goods by caravan.Caravans faced the same kind of perils our transportation industry faces today – like robbery, bad weather and breakdowns.

One nearly complete example of the Code survives today, on a diorite stele in the shape of a huge index finger 2.25-metre (7.4 ft) tall .The Code is inscribed in the Akkadian language using cuneiform script carved into the stele. It is currently on display in The Louvre, with exact replicas in the Oriental Institute in the University of Chicago, the library of the Theological University of the Reformed Churches. Hammurabi consisted of 282 laws, in the year 1750 BC.  The Code of Hammurabi was inscribed on stone, which suggests that the King accepted the laws from the sun god, Shamash.  The code of laws encouraged people to accept authority of a king, who was trying to give common rules to govern the subjects' behavior..

The vast collection of laws declares that the purpose of these codes is to "promote the welfare of the people" and to allow "justice to prevail in the land." Instead of actual laws, the codes inscribed on the stone pillar are actually the judgments of specific cases that had come before him. The Code of Hammurabi also served as the first known set of laws that was "carved in stone", meaning that not even the king himself could alter the Babylonian Law.

The code of laws is then ended with a epilogue, where Hammurabi declares the he is the rightful king:
"Hammurabi is a ruler who is as a father to his subjects, who holds the words of Marduk in reverence, who has achieved conquest for Marduk over the north and south, who rejects the heart of Marduk, his lord, who has bestowed benefits forever and ever on his subjects, and has established order in the land." 

PSBs need Rs 1.75 L cr to meet Basel-III norms

Reserve Bank of India (RBI) Governor D Subbarao on Saturday said the government might have to reduce its stake in public sector banks that need to raise Rs 1.6-1.75 lakh crore in additional capital requirement for meeting the Basel-III norms by March 2018.
here will be alternatives before the government either to reduce share holding to 50 per cent or slow down their growth," Subbarao said, while raising the basic question: "Can public sector banks mobilise this sort of capital, or can the government give this sort of capital

Post Session Thoughts...

The PWC report on emerging Insurance senario in 2020 is mindblowing. There is going to be a total new approach on profile of a company, its work practices, and its distribution channels. He exposed us to several statistical figures to highlight the impact these will have in Future of Insurance. It looks Mobile technology will replace Laptops & Desktops. The Watson Super Computer will give new meaning to our needs in different areas. Urbanisation will further change the Insurance & Health Market. Pollution will have a severe impact on costs. The future Insurance growth will come from India & China. The distribution strategy will be more technology oriented.The session was highly informative as Mr.Anurag Sundar initiated us into several new concepts now emeging.
This session should have set you thinking.
What do you think is your great learning experience? 

Guest Lecture on Future of Insurance

Mr.Anurag Sundar, Price Waterhouse Coopers will discuss a report of the study conducted into FUTURE OF INSURANCE 5 years hence on 7th August, 2012.
He is the senior practioner and his education chair for CPCU. He is known for his though knowledge of Insurance practices. He is a MBA from Pune University in 2000 and became a Charted Property Casualty Underwriter from Insurance Institute of American Institute of Chartered Property Casualty Underwriters, USA in 2008, 14th Indian in the last 50 years to be awarded this designation. He holds the voluntry position of Education Chair for CPCU.