Risk Management

RISK MANAGEMENT INSURANCE

Risk Insurance involves assessing the price to be paid to Insurance policyholders who have suffered from the loss that occurred to them, which is covered by the insurance policy. It involves various types of risks such as theft, loss, or damage of property or also may involve someone being injured; Unfortunately, there is a chance that something unexpected or harmful may happen at any point in time.

It evolves in calculating the pay of the financial value for the damages that might occur to the insured property or item that might be lost, injured, or destroyed accidentally or often occur to happen. It also states how much it would cost to replace or repair such an insured item to cover the loss suffered by the policyholder in case of such damage or damages. Insurers shall calculate claims and evaluate their own risks.

Here are the 8 types of risk;

• Pure Risk
• Speculative Risk
• Financial Risk
• Non-Financial Risk
• Particular Risk
• Fundamental Risk
• Static Risk
• Dynamic Risk