The assessment and quantification of the likelihood and financial impact of events that may occur in the customer's world that require settlement by the insurer; and the ability to spread the risk of these events occurring across other insurance underwriter's in the market.
Insurance and Risk Management has three major areas:
The first is an insurance company career, working to create and service insurance products for individuals and businesses.
The second is the risk management profession. The risk manager of a company anticipates possible losses and develops a plan to survive the risks.
The third is insurance agency work, which involves selling and servicing of insurance products.