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Prof. (Dr.) Abhijit K Chattoraj is Nepal visit for Asian Insurance Meet 2023

Prof. (Dr.) Abhijit K Chattoraj, Chartered Insurer, Dean (SW&SS), Professor & Chairperson, PGDM-IBM, BIMTECH moderated a session titled ‘Earthquake Experience from Asia’ at Asian Insurance Meet 2023, organised by the Nepal Insurance Authority with the International Association of Insurance Supervisors (IAIS), Asia Development Bank(ADB) and Access to Insurance Initiative (AIII) as conference partners at Yaki n Yeti Hotel, Kathmandu, Nepal on 9th June 2023.

Dr. Chattoraj during the discussions stressed on the need to have an integrated approach to deal with earthquake losses by giving one bundled product covering property damage and accidental life losses. Some of the other vital points discussed were how to mitigate the effect of sociodemographic changes and the potential for secondary loss agents, such as fire, tsunami, liquefaction and aftershocks

The other distinguished panel members were Mr Damodar Bhandari –Assistant Chief Executive Officer, Nepal Re. Ms Neha Yadav, Business Development Director – Descartes, Singapore and Mr Alok Kumar – Managing Director –India & Global Head – Analytical Services-RMS Moody, Mr Chunky Chhetry, CEO Sagarmatha Lumbini Insurance Co Ltd. (SALICO) and President Nepal Insurance Association made a very informative opening presentation articulating the way Nepalese economy made a recovery through Insurance.

Mr Alok Kumar harped on the need for quality data and a comprehensive end-to-end simulation-based framework for quantifying future earthquake ground-shaking risk. Mr Damodar Bhandari shed light on the risk preparedness of earthquake losses. Ms Neha Yadav talked at length about the parametric solutions. Some of the other vital points discussed were how to mitigate the effect of sociodemographic changes and the potential for secondary loss agents, such as fire, tsunami, liquefaction and aftershocks.