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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