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Group 3: Managing liability and property risk :warning: (Risk and risk…
Group 3: Managing liability and property risk :warning:
Risk and risk management
1.1 Nature of risk
uncertainty about outcome
not the same as "odds"
1.2 Two types of risk
Speculative risk (security investments)
gain
loss
Pure risk (flood,...)
only loss
insurance
1.3 Risk management process : :
Step 3:
Step 4:
Step 2: Estimate risk and potential losses
loss severity
*
=> buy insurance
loss frequency
Step 5:
Step 1: Identify risk exposures
Peril any event that can cause a financial los
property, liability, health, and death