The recent Rail accident where 61 people were killed and several other grievously injured near Amritsar was a very sad incident. Though the people are to blame for negligence, the authorities cannot absolve themselves from their duty and liability as it is the responsibility of the local police and authorities to maintain law and order and to see that in case of any event no common person is injured. The police authorities should not have given permission to hold such an event if the people gather near the railway track. This is a pure risk management failure which should be a lesson for us.
As per a recent survey India loses Rs.1100 crore every year due to forest fires in India. This is a sizable amount and if proper measures are undertaken this loss can be reduced to great extent. The cost applicable to restore property is ultimately loss of profit to the nation as this amount could have been utilized for some other developmental work.
Long term third party policy as advised by the IRDAI has increased the cost of automobiles at the time of purchase. However this should not have much impact on the sales of motor vehicles.
The Apex court has advised insurers to check whether vehicles are having valid pollution certificates or not. Insurers are not very happy with this advice as this will increase their paperwork and according to them it is the job of the authorities to verify mandatory papers.
Central Govt.in is considering creating a talent pool as a measure of succession planning as the PSU Company is going to witness a lot of retirement of top officers in next few years. This is a good move as companies will not remain headless and decision making will not be delayed.
Risk Management Association of India is progressing very fast and in a very short time it has been able to increase its membership and activities. We hope they will play a prominent role in risk management in time to come.
