Risk Management & Introduction to Insurance

A guide to both risk management and insurance.  Risk management is becoming increasingly important to companies and society in general, and Risk Management & Introduction to Insurance offers an accessible guide for anyone trying to understand it. Divided into two parts, the book first offers an introduction that examines the concept of risk and its historical context while defining the key terminology. In addition, the tools necessary for risk assessment are reviewed and the different steps of the risk management process are discussed. The second part of the book focuses on the economics of insurance, social insurance, and the private insurance market. The different branches and products of private insurance are analyzed, and an overview of the basics of calculating insurance premiums based on contractual benefits and the practice of an actuary is provided. Numerous practical applications (such as cyber risk management), examples, and illustrations complete the book. As a whole, the book is an essential reference for business school students, professionals, and anyone interested in risk management and insurance.