International Journal of Advanced Research in Management and Social Sciences ISSN: 2278-6236 Vol. 2 | No. 9 | September 2013 www.garph.co.uk IJARMSS | 32 SURVEY OF MSME INSURANCE RISK ASSESSMENT TECHNIQUES D. K. Sreekantha* Prof. (Dr.) R. V. Kulkarni** Abstract: Insurance is the means of managing risk and protection against financial loss arising as a result of contingencies, which may or may not occur. India represents a huge untapped insurance market, liberalization, globalization, and free competition will help a long way in increasing insurance penetration in the grass root level of the country. Globalization has made a profound impact on the Indian insurance industry and has resulted in an overall increase in the awareness of the insuring public about the wide range and choice of insurance products and their prices offered by the competing insurers in the market. Insurance risk refers to fluctuations in the timing, frequency and severity of insured events, relative to the expectations of the firm at the time of underwriting. Insurance risk management creates stability, contributes to growth and assures profitability of the organization. Authors aims at the survey of literature on Micro, Small and Medium scale enterprises(MSME) insurance risk assessment techniques and would like to design an expert system for insurance risk assessment of MSME. Keywords: Insurance risk, Indemnity, fraud indicators, Expert systems, MSME *Coordinator, P.G. Dept. of Computer Science, Basaveshwar Science College, Bagalkot **Professor & Head, Dept. of Computer Studies, CSIBER, Kolhapur