What is Risk Management?
Risk Management – Varsity Lakes – Generation Private Wealth – Insurance Risk Management is the assessment and quantification of the likelihood and financial impact of events that may occur in your 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. Risk Management work typically involves the application of mathematical and statistical modelling to determine appropriate premium cover.
Most of us engage in simple risk management strategies every day. We drive carefully, put our salaries straight into the bank, lock our house or car when we leave them, and keep our wallets, handbags and mobile phones with us when we go to a cafe or go out.
In insurance terms, risk is the chance something harmful or unexpected could happen.
Why is Risk Management important?
Protect yourself and your loved ones by insuring yourself, your assets and income, as a result you will achieve your financial goal.
You insure your car and your home. But nothing is more important than your life and your ability to make a living. So it makes good sense to insure your greatest asset – YOU!
Purchasing insurance is the most common method of transferring risk. The burden of carrying the risk and indemnifying the financial or economic loss is transferred from the individual to the insurance company through the insurance contract.
How Generation Private Wealth can help?
You cannot control the future but you can make sure your family will be able to live the life you want for them, even if you aren’t there.
Generation Private Wealth will help you find the best policies at the best price to ensure your financial goals are protected.
We have the latest insurance comparison tools to ensure you have the best.
It involves taking steps to minimize the likelihood of things going wrong, a concept known as loss control. It also involves the purchasing of insurance to reduce the financial impact of adverse events on a individual when, despite your best efforts, bad things happen. No one likes thinking about what could go wrong but it is vital. Until you identify risks, you can’t make good decisions about managing them.
Risk Management – Varsity Lakes