ERM Glossary: Insurance risk
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Insurance risk is the risk of fluctuations in the timing,
frequency and severity of insured claims. Usually the risk refers to insurable
events (e.g. mortality, morbidity, or property/casualty insurance risks),
although it is not always easy to define precisely what is an insurance risk
and what isn’t, except by reverting to the partly circular definition that
insurance risks are ones that relate to insurance companies.
Insurance risk (particularly in an actuarial context) may
also include risks relating to adverse expense and lapse/persistency
experience.
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