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Lecture Risk management and insurance - Lecture No 4: Insurance and Risk

In this chapter, the learning objectives are: Definition and basic characteristics of insurance, characteristics of an ideally insurable risk, adverse selection and insurance, insurance vs. Gambling, insurance vs. Hedging, types of insurance, benefits and costs of insurance to society. | Insurance and Risk Lecture No. 4 1 Objectives Definition and Basic Characteristics of Insurance Characteristics of An Ideally Insurable Risk Adverse Selection and Insurance Insurance vs. Gambling Insurance vs. Hedging Types of Insurance Benefits and Costs of Insurance to Society 2 3 Risk Identification Loss exposure Potential loss that may be associated with a specific type of risk Can be categorized as to whether they result from Property Liability Life Health Loss from income risks 4 Risk Identification Loss exposure Checklists Specifies numerous potential sources of loss from the destruction of assets and from legal liability Some are designed for specific industries Such as manufacturers, retailers, educational institutions, religious organizations Others focus on a specific category of exposure Such as real and personal property 5 Risk Identification Financial statement analysis All items on a firm’s balance sheet and income statement are analyzed in regard to risks that may be . | Insurance and Risk Lecture No. 4 1 Objectives Definition and Basic Characteristics of Insurance Characteristics of An Ideally Insurable Risk Adverse Selection and Insurance Insurance vs. Gambling Insurance vs. Hedging Types of Insurance Benefits and Costs of Insurance to Society 2 3 Risk Identification Loss exposure Potential loss that may be associated with a specific type of risk Can be categorized as to whether they result from Property Liability Life Health Loss from income risks 4 Risk Identification Loss exposure Checklists Specifies numerous potential sources of loss from the destruction of assets and from legal liability Some are designed for specific industries Such as manufacturers, retailers, educational institutions, religious organizations Others focus on a specific category of exposure Such as real and personal property 5 Risk Identification Financial statement analysis All items on a firm’s balance sheet and income statement are analyzed in regard to risks that may be present Flowcharts Allows risk managers to pinpoint areas of potential losses Only through careful inspection of the entire production process can the full range of loss exposures be identified 6 Figure 2-1: Flowchart for a Production Process 7 Risk Identification Contract analysis It is not unusual for contracts to state that some losses, if they occur, are to be borne by specific parties May be found in construction contracts, sales contracts and lease agreements Ideally the specification of who is to pay for various losses should be a conscious decision that is made as part of the overall contract negotiation process Decision should reflect the comparative advantage of each party in managing and bearing the risk On-site inspections During these visits, it can be helpful to talk with department managers and other employees regarding their activities Statistical analysis of past losses Can use a risk management information system (software) to assist in performing this task As these .