THE FUTURE
With the current growth, of the Indian economy, there is much hope of liability insurance. It requires training, expanding, self reliance and targeting (TEST) strategies for growth. Training is needed to make the insurer-people expert in the line of liability procedures. The insurance players need intensive training 90 most classes of liability insurance demand intensive and sophisticated underwriting. The insurers have to find new avenues of insurance long term growth are possible through analyzing the market, seeing the need for liability insurance. There is need of developing underwriting capability and expertise. In is must to set up a liability department with in the company to gain experience of foreign underwriter, local adaptability and quick decision making. The industrial sectors and economical trends are helpful for developing liability insurance. Liability insurance has grown with IT sector. India has leap-frogged to the top of the heap in the provision of these services to the rest of the world.
With the explosion in internet usage and services together with hardware and software and advance, it is surprising that insurance mechanism to transfer risk have not been able to match these studies in equal measures. Legal liability led a rather blithe and low level existence in insurer’s minds and consciousness in the form of compulsory third party motor insurance and workmen’s compensation mandated by law. Public liability insurance ACT, 1991 has offered Indian insurer marketplace for premises, products and environmental pollution coverage, as a consequence of development tort and judicial reform. The technology insurance areas have physical assets, humen assets liabilities, and employee dishonesty and crime. The liabilities include premises, professional and management liabilities including directors and officer’s liability, employement practice liability, fiduciary liability, professional errors and omission, intellectual property, internet liability and cyber crime. Physical assets include automobiles, equipment, property, internet liability and cyber crime.phycical assets included automobilies,equipment,property,catastrophes,terrorism and machinery human assets included and long term disability, workmen’s compensation and employer’s liability key man liability, kidnap and ransom.
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