风险保险管理

单击此处编辑母版标题样式,单击此处编辑母版文本样式,*,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,*,*,RISK IN OUR SOCEITY,1,PRESENTATION,组员：魏 静,肖 瑶,袁利利,2,1.1 Definition of risk,Framework,objective risk,subjective risk,1.2 Change of loss,objective probability,Subjective probability,1.3 Peril,& hazard,Physical hazards,Maral hazard,Attitudinal hazard,Legal hazard,3,1.4 Types of risk,Framework,pure risk,speculative risk,diversifiable risk,enterprise risk,1.5 Personal risk,property risks,liability risks,loss of business income,other risks,1.6 Commercial risk,risk of premature death,risk of insufficient retirement income,risk of poor health,risk of unemployment,4,Framework,1.7 Burden of risk,lager emergency fund,loss of certain goods and services,worry and fear,1.8 Techiniques for managing risk,avoidance,loss control,retention,noninsurance transfers,insurance,5,KEY WORDS,1. Risk 风险 P3,2. Objective risk,客观风险 P3,3. Subjective risk,主观风险 P4,4.,Low of lager numbers,大数法 P4,5. Chance of loss,损失机会 P4,6,KEY WORDS,6. Objective probability,客观概率 P4,7. Subjective probability,主观概率 P4,8. Peril 风险事故 P5,9. Hazard 风险因素 P5,10. Physical hazards,物质风险因素 P5,7,KEY WORDS,11. Moral hazard,道德风险因素 P5,12. Attitudinal hazard,（Morale hazard）,心理风险因素 P5,13. Legal hazard,法律风险因素 P6,14. Pure risk 纯粹风险 P6,15. Speculative risk,投机风险 P6,8,KEY WORDS,16. Diversifiable risk,可分散化风险 P6,17. Enterprise risk,企业风险 P7,18. Personal risk,个人风险 P7,19. Commercial risk,商业风险 P11,9,Different Definitions of Risk,Risk,: Uncertainty concerning the occurrence of a loss,Loss Exposure,: Any situation or circumstance in which a loss is possible, regardless of whether a loss occurs.,Objective Risk vs. Subjective Risk,Objective risk,is defined as the relative variation of actual loss from expected loss,It can be statistically calculated using a measure of dispersion, such as the standard deviation,Subjective risk,is defined as uncertainty based on a persons mental condition or state of mind,Two persons in the same situation may have different perceptions of risk,High subjective risk often results in conservative behavior,10,Chance of Loss,Chance of loss,: The probability that an event will occur,Objective Probability vs. Subjective Probability,Objective probability,refers to the long-run relative frequency of an event assuming an infinite number of observations and no change in the underlying conditions,It can be determined by deductive or inductive reasoning,Subjective probability,is the individuals personal estimate of the chance of loss,A persons perception of the chance of loss may differ from the objective probability,11,Peril and Hazard,A,peril,is defined as the cause of the loss,In an auto accident, the collision is the peril,A,hazard,is a condition that increases the chance,of loss,Physical hazards,are physical conditions that increase the chance of loss (icy roads, defective wiring),Moral hazard,is dishonesty or character defects in an individual, that increase the chance of loss (faking accidents, inflating claim amounts),Attitudinal Hazard (Morale Hazard),is carelessness or indifference to a loss, which increases the frequency or severity of a loss (leaving keys in an unlocked car),Legal Hazard,refers to characteristics of the legal system or regulatory environment that increase the chance of loss (large damage awards in liability lawsuits),12,Classification of Risk,Pure and Speculative Risk,A,pure risk,is one in which there are only the possibilities of loss or no loss (earthquake),A,speculative risk,is one in which both profit or loss are possible (gambling),Diversifiable Risk and Nondiversifiable Risk,A,diversifiable risk,affects only individuals or small groups (car theft). It is also called nonsystematic or particular risk.,A,nondiversifiable risk,affects the entire economy or large numbers of persons or groups within the economy (hurricane). It is also called systematic risk or fundamental risk.,Government assistance may be necessary to insure nondiversifiable risks.,13,Classification of Risk,Enterprise risk,encompasses all major risks faced by a business firm, which include: pure risk, speculative risk, strategic risk, operational risk, and financial risk,Financial Risk,refers to the uncertainty of loss because of adverse changes in commodity prices, interest rates, foreign exchange rates, and the value of money.,Enterprise Risk Management,combines into a single unified treatment program all major risks faced by the firm:,Pure risk,Speculative risk,Strategic risk,Operational risk,Financial risk,14,Major Personal Risks and Commercial Risks,Personal risks,involve the possibility of a loss or reduction in income, extra expenses or depletion of financial assets:,Premature death of family head,Insufficient income during retirement,Most workers are not saving enough for a comfortable retirement,Poor health (catastrophic medical bills and loss of earned income),Involuntary unemployment,15,Major Personal Risks and Commercial Risks,Property risks,involve the possibility of losses associated with the destruction or theft of property:,Physical damage to home and personal property from fire, tornado,windstorm, or other causes,Direct loss vs. indirect loss,A,direct loss,is a financial loss that results from the physical damage, destruction, or theft of the property, such as fire damage to a home,An,indirect loss,results indirectly from the occurrence of a direct physical damage or theft loss, such as the additional living expenses after a fire to a home. These additional expenses would be a,consequential loss,.,16,Major Personal Risks and Commercial Risks,Liability risks,involve the possibility of being held liable for bodily injury or property damage to someone else,There is no maximum upper limit with respect to the amount of the loss,A lien can be placed on your income and financial assets,Defense costs can be enormous,17,Major Personal Risks and Commercial Risks,Commercial Risks,Firms face a variety of pure risks that can have serious financial consequences if a loss occurs:,Property risks, such as damage to buildings, furniture and office equipment,Liability risks, such as suits for defective products, pollution of the environment, and sexual harassment,Loss of business income, when the firm must shut down for some time after a physical damage loss,Other risks,to firms include crime exposures, human resource exposures, foreign loss exposures, intangible property exposures, and government exposures,18,Burden of Risk on Society,The presence of risk results in three major burdens on society:,In the absence of insurance, individuals would have to maintain large emergency funds,The risk of a liability lawsuit may discourage innovation, depriving society of certain goods and services,Risk causes worry and fear,19,Techniques for Managing Risk,There are five major methods for managing risk,Avoidance,Loss control,Loss prevention,refers to activities to reduce the frequency of losses,Loss reduction,refers to activities to reduce the severity of losses,Retention,An individual or firm retains all or part of a given risk,Active retention,means that an individual is consciously aware of the risk and deliberately plans to retain all or part of it,Passive retention,means risks may be unknowingly retained because of ignorance, indifference, or laziness,Self Insurance,is a special form of planned retention by which part or all of a given loss exposure is retained by the firm,20,Techniques for Managing Risk,Noninsurance transfers,A risk may be transferred to another party by several methods:,A transfer of risk by contract, such as through a service contract or a,hold-harmless clause,in a contract,Hedging,is a technique for transferring the risk of unfavorable price fluctuations to a speculator by purchasing and selling futures contracts on an organized exchange,Incorporation of a business firm,transfers to the creditors the risk of having insufficient assets to pay business debts,Insurance,For most people, insurance is the most practical method for handling a major risk,21,SUMMARY,Through learning of this chapter, we understand there are all kinds of risks in the society, no matter in life, work, or the economy all have the risks. According to the different level of risk and risk environment,to manage and control the corresponding risk. For example, how to manage systematic risk and nonsystematic risk? For low risk, moderate risk, and high risk cases, what measures should be taken?,22,THANKS,23,