Sri City, January 11, 2019:- In collaboration with Bharat Re-insurance Brokers Private Limited, Chennai, a pioneer in insurance consulting and claims management in India, Sri City conducted an executive session on Risk Management for Businesses on Friday in Sri City. Mr. R. Thyagarajan, Founder of the Shriram Group delivered the keynote address.
Welcoming Mr. R. Thyagarajan for visiting Sri City for the first time, Mr. Ravindra Sannareddy, Founder Managing Director, Sri City said,“Insurance plays a key role in mitigation of risks, and hence Insurance broking plays a significant role in offering significant value to enterprises in managing their risk effectively.” “I am sure, the session will give good insights to the participants on the importance of developing risk management culture in industries,” he added.
Encompassing different aspects of general insurance coverage for business enterprises, Mr. Thyagarajan discussed on the origin and status of general insurance in the country, risk management and role of insurance brokers in developing a risk management culture.
Stating that insurance coverage for corporates are woefully inadequate in the country, Mr. Thyagarajan said, by citing a few examples, that businesses are facing three kinds of problems when it comes to insurance – no insurance, insuring inadequately or choosing an improper cover.
He called upon the industries to focus on minimising the risks by adopting proper safety and security measures, rather than depending on insurance and claiming compensation.
Giving a talk on cyber risks, Mr. T.L. Arunachalam, Director, Global Strategy & Special Projects, Bharat Reinsurance Brokers, said that besides property and other usual risks, cyber risk is an emerging major risk, which needs to be recognised and adequately covered. He stressed the need for covering cyber risks b citing a few case of losing valuable and sensitive data to hackers. Cautioning that cyber risk can be very severe, Mr. Arunachalam said it is very difficult to measure or model such risks and even more difficult to price such risks.
Mr. R. Nagarajan, Chief Financial Officer, Sri City gave a welcome address and explained the intent of organising the session.
About 80 senior executives from different units of Sri City attended the session. At the end, there was a questions & answers session, in which some of the participants got clarified their doubts.