P874 | Risk Management in Property (Fire) Insurance (Non-Life)

Risk management consists of techniques and processes used by organizations to manage activities with a view to identify and dealing with uncertainties in the best possible manner. For insurance company officials the objective of risk management regarding loss prevention and loss control are to partner with the insured to make their operations safer, thereby reducing losses and indirectly increasing profitability of industries and insurance companies. Risk management knowledge is vital for insurance company officials to maintain financial stability and enable profitable underwriting. Effective risk management allows officials to determine which risks to accept or reject and to accurately price policies.