CERM Pakistan organized a half day workshop titled “INDUSTRIAL RISKS: Risk Management, Key Underwriting Considerations & Loss Estimation Techniques” on September,13, 2018 at PSTD - Karachi.
Welcome note by Mr. Asad U Khan, Group Managing Director at CERM Pakistan. He welcomed the participants and gave brief introduction about the workshop theme.
The workshop was designed for Clients and Underwriters to enlighten the importance of Risk Engineering considerations including risk & hazards in various industries, its prevention approaches, detection, consequences and the techniques of loss estimation. The workshop was divided into following sessions:
Risk Management Key Underwriting Consideration by Mansoor Ali Khan – Hamid Mukhtar & Co. Ltd.
The session aimed to provide detailed understanding of the necessary considerations of risk engineering in various industrial operations including handling, storage & transportation of products, buildings & facilities, fire protection, housekeeping & site security arrangements and why these considerations are significant in respect of industrial safety.
Mr. Mansoor Ali Khan mentioned how the delays in construction, loss of revenue, and losses to underwriters have direct impact on renewal premiums. He also gave the ideas of detection, protection & prevention approaches to avoid the inconvenience with the examples of the real time accidents.
Lost Estimation Techniques by Ahsan Jamal, Risk Engineer - Marsh-Pakistan
Mr. Ahsan Jamal explained the basic definitions and terminologies used for Loss Estimation in the insurance market. He thoroughly explained the steps and process of loss estimation. His session gave the idea about the important information required for calculating EML / MPL and outlined introduction of various loss estimation models used in the insurance market.
In the later part of the session, various group exercises were carried out for the participants to understand how fire areas can be identified and losses are estimated based on various loss scenarios.
The workshop was attended by the representives from Abbott Laboratories (Pakistan) Ltd., Agha Khan Hospital & Medical College Foundation, Chanar Energy Limited, Dalda Foods, Excel Consulting Pvt. Ltd., Hunza Power Limited, International Steels Ltd., Samba Bank, Triangle Ventures Pvt. Ltd., IGI General Insurance Ltd., EFU General Insurance Ltd., Habib Insurance Company Ltd., Atlas Insurance Ltd., Century Insurance Company Ltd., Unique Insuarnce Brokers Pvt. Ltd. and S. M. Saeed Surveyors Company