Author Archives: Vikas Wadhera

Vikas Wadhera

About Vikas Wadhera

Director, Catastrophe Modeling and Analytics, RMS

Vikas is a director - catastrophe modeling and analytics at RMS, delivering solutions and services for global insurance and reinsurance clients. He has over 20 years of research and catastrophe modeling experience working with RMS across core model development and validation. Vikas works with clients on the implementation and application of RMS models to assist with portfolio risk assessment, and to inform their underwriting practices, risk based pricing and overall portfolio management.

Vikas has an extensive global perspective of the catastrophe risk landscape and industry, working with clients across North America, Europe, and Asian markets. He is extremely well connected in the Indian/Asian insurance community and is regularly seen speaking at various industry events in the region, playing a pivotal role in creating awareness and highlighting the importance of catastrophe modeling in Asian region through a number of industry and client specific training programs.

He has been associated with resilience initiatives for governments and societies as part of Sendai Framework for Disaster Risk Reduction and the climate risk and insurance working group for the Geneva Association. He regularly attends conferences organized by various participating governments and multilateral funding agencies working in this area.

He possesses a postgraduate degree in civil engineering with specialization in structural engineering, and a postgraduate diploma in insurance and risk management.

Coming Together to Build a Resilient India Agriculture Insurance Sector

India is an agricultural powerhouse, ranked second in the world in terms of its level of agricultural output. With 58 percent of the rural population of India reliant on agriculture for their livelihood (and a total figure of 2.2 billion across Asia) plus more than fifty percent of total working population of India employed in the food industry, ensuring that farmers are resilient and can rebuild after crop setbacks is a top priority for the country.

This challenge is being tackled. For India, agricultural insurance schemes such as Pradhan Mantri Fasal Bima Yojana (PMFBY) are ambitious, continually pressing to reduce the protection gap, with a target to cover 50 percent of gross cropped area over the next couple of years. But the challenge to further close this gap continues, and it was central to the theme for the Fifth Asia Agriculture Insurance Conference recently held in New Delhi — entitled “The Future of Agro Insurance: The Impact of Climate Change, Technology and Inclusive Insurance.”

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India Insurance Market: A Bold Future

During January, I had the honor of leading a panel discussion at the Eleventh India Rendezvous in Mumbai and was joined by four senior-level executives from leading reinsurers and insurers.

My panelists included (pictured above, seated from left to right): G Satish Raju, Head of South Asia Global Partnerships for Swiss Re; Girija Subramanian, Deputy General Manager at India’s largest domestic reinsurer GIC Re; Amitava Gupta, Lead – Commercial Lines Claims at SBI General Insurance Company Ltd. and Rekha Gopalkrishnan, Deputy General Manager at The New India Assurance.

Across the whole conference, there was much talk about the growth potential in India, with reports stating that the insurance market could quadruple in ten years. But with the economy growing fast, insurance penetration remains a challenge — with a non-life insurance penetration rate hovering around one percent compared to a global average of six percent.

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