What Is Risk Analysis In Insurance
Risk Analysis Definition And Meaning
Risk Analysis is the process of identifying, analyzing and communicating the major risks.
Risk analysis involves:
(1). Risk Assessment
(2). Risk Management
(3). Risk Communication
Once risks have been identified, they must then be assessed as to their potential severity of impact (generally a negative impact, such as damage or loss) and to the probability of occurrence. These quantities can be either simple to measure, in the case of the value of a lost building, or impossible to know for sure in the case of the probability of an unlikely event occurring. This process is known as risk analysis. In the assessment process it is critical to make the best educated decisions in order to properly prioritize the implementation of the risk management plan.
Risk Analysis Definition And Meaning
Risk Analysis is the process of identifying, analyzing and communicating the major risks.
Risk analysis involves:
[Post Image Courtesy of Artur84 at FreeDigitalPhotos.net]
(1). Risk Assessment
(2). Risk Management
(3). Risk Communication
Once risks have been identified, they must then be assessed as to their potential severity of impact (generally a negative impact, such as damage or loss) and to the probability of occurrence. These quantities can be either simple to measure, in the case of the value of a lost building, or impossible to know for sure in the case of the probability of an unlikely event occurring. This process is known as risk analysis. In the assessment process it is critical to make the best educated decisions in order to properly prioritize the implementation of the risk management plan.
Insurance Law And Practice - ICSI
What Is Risk Analysis In Insurance
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