IIRM merit students to get # 1000, gold medal from Lloyd's

The Institute of Insurance and Risk Management (IIRM), Hyderabad, has announced that Lloyd's, the world's leading specialist insurance market, is awarding an annual prize of 1,000 pounds and a gold medal to the highest-scoring student of the institute for three years.

Lloyd's is a society of corporate and individual members, who underwrite in syndicates. Accredited Lloyd's brokers place risks in the Lloyd's market on behalf of their clients. Lloyd's is in the process of setting up a representative office in India which is likely to be operational later this year in Delhi.

IIRM has been set up by the Insurance Regulatory and Development Authority of India (Irda) and the government of Andhra Pradesh. It offers post graduate diploma courses in life insurance, general insurance and risk management.

Two batches of students have graduated from the institute so far. This year's award from Lloyd's was given to Radhika Krishnan, who graduated in general insurance.

At the convocation ceremony of the second batch of students held on Thursday, C Rangarajan, chairman of the economic advisory council to the Prime Minister, said, "There is a need for more specialists in the insurance industry, with new participants entering the industry."

Rangarajan welcomed the decision of Irda to move to a tariff-free regime. "The prescription of tariff is contrary to market principles and insurance products need to be priced based on market forces," he added.

C S Rao, chairman of Irda, said that the authority had taken up a huge task of dismantling tariffs and hoped that this would be done without creating chaos in the market.

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