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ANNUAL REPORT 2011-12
IV.5 RESEARCH & DEVELOPMENT
IV.5.1 The Department continues to be the nodal point
for the compilation of the Annual Report and the
Handbook on Indian Insurance Statistics, which is an
annual publication consisting of time-series data.
Consequent upon the publication of fi rst edition of the
Handbook on Indian Insurance in 2008, the Research
& Development Department continued to extend the
coverage of this publication in order to meet the
increasing needs of various stakeholders in the
industry. The 4 th edition of the Handbook was published
in March 2012, which incorporated many new timeseries
data sets covering almost entire time-series
information of various Annual Reports of the Authority.
It widened the coverage by incorporating statistics on
individual business in-force both in terms of number
of policies and sum assured, linked and non-linked
components of premium and commission, duration
wise settlement of claims, data on micro insurance
portfolio, like premium received, claims paid and
duration wise settlement of claims. The data on health
insurance premium and claims paid and performance
of Ombudsmen at various centres were also included
in the 4 th edition of the Handbook. With this, a total of
eighty time series data tables were included in the
Handbook after addition of thirty new tables. The
Department continues to strive at improving the
coverage and content of the Handbook in its 5 th edition,
which is likely to be released in November 2012.
IV.5.2 The Ministry of Statistics & Programme
Implementation, as part of its various initiatives,
constituted a Steering Committee to identify sectors
of importance on which Manuals on various sector
specifi c statistical indicators could be prepared. The
Steering Committee identified “Insurance” as one of
the critically important sectors for the said purpose. In
this backdrop, the Authority has constituted a
Committee for compilation of Manual on Insurance
Statistics. The Committee also consists of expert
members drawn from Academics and Insurance
companies apart from the IRDA offi cials. The Manual
on “Insurance Statistics” is likely to cover all the
relevant aspects of the statistics/reports collected by
the IRDA as also other concerned agencies with regard
to insurance and allied topics.
IV.5.3 The Technical Advisory Committee under
Ministry of Commerce and Industry recommended the
Constitution of a Sub-Committee for compilation of
Index of Services Production (ISP) in India in respect
of Insurance Sector. The Authority has taken up the
initiative to develop the methodology for its compilation,
which would facilitate the Sub-Committee to construct
the desired Index. The Sub-Committee is examining
and identifying the potential data source and is liaising
on these issues for regular availability of data for ISP
compilation. The Sub-Committee is also examining
various issues relating to the coverage, selection of
base year, weighting criteria, identification of variables,
defl ators, etc., of the Index. The R&D Department is
providing technical support to the Sub-Committee.
The Department has constructed potential indices on
ISP, which were discussed in the meetings of the
Sub-Committee. The Department would also be
entrusted with the responsibility of rolling out of the
indices on periodic basis.
IV.5.4 The R&D Department actively participated in
various conferences/seminars at both domestic and
international levels and presented papers on insurance
related topics, which have been well received. These
conferences were organized by the domestic as well
as international bodies, such as International Linear
Algebra Society (ILAS), World Academy of Science,
Engineering & Technology (WASET), International
Congress on Insurance Mathematics & Economics
(IME), Asia Pacifi c Risk and Insurance Association
(APRIA), SDM Institute for Management Development
(SDM IMD), International Association of Computer
Science and Information Technology (IACSIT) etc. The
Department also provided statistical support to various
departments of the Authority and was also involved in
various internal studies.
IV.6 STATUS OF INFORMATION TECHNOLOGY (IT)
IV.6.1 The use of technology for better regulation is
the key focus area of the Authority. Technological
implementation not only helps effective regulation but
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