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Extracts from A Presentation on Risk Management XYZ Insurance/Group. Sample Definition of Risk. The Threat of an adverse outcome that will negatively affect Shareholders worth Institutions objectives and strategies. Types of Risk. Operational Risk: IT system failure

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Presentation Transcript
sample definition of risk
Sample Definition of Risk

The Threat of an adverse outcome that will negatively affect

  • Shareholders worth
  • Institutions objectives and strategies
types of risk
Types of Risk

Operational Risk: IT system failure

Control system failure – business wrongly

captured or not transferred to Reassurer

and claim arises.

Financial Risk: Asset failure

Reassurer failure

Mispricing

Hazard Risk: Environmental pollution, product liability

issues /property risk

Market Risk: ‘wrong’ purchase. A bad merger

slide4

Insurance

Business

Profile

Characteristics

Life

Health

General

  • Risk
  • Savings
  • Risk
  • Risk

Personal Lines

Commercial Lines

(Group).

  • Risk: In exchange for a ‘low’ premium, enterprise is exposed to meeting ‘high’ claim reflecting the principles of:
  • Pooling
  • Probability.
slide5

Instruments used to minimize Risk

Underwriting (KYC)

  • Pricing
  • Reassurance
  • Prudent Reserving – done at least on a quarterly basis
  • Investment strategy (Quality/Diversification etc)
  • ALM
  • Continual Process Review/improvement