In daily life, we often hear the term ‘risk’. Various risks, such as the risk of fire, accidents on the road, exposed to the risk of flooding in the rainy season and so forth. All of that can cause a loss if we did not anticipate the risks. Next question is what is the understanding of ‘risk’, particularly in the insurance?

What is the ‘risk’? The ‘risk’ in insurance is the “uncertainty of the occurrence of events that can cause economic loss.”

What are the forms of risk? Forms of risk are among other pure risk, speculative risk, particular risks and risk fundamentals. Pure risk is the risk that results there are only 2 kinds: loss or break even, for example, theft, accident or fire. Speculative risk is the risk that there are 3 types of consequences: loss, fate, or break even, for example, gambling.

Particular risk is the risk that comes from individuals and local impact, for example, planes fall, car crash, and the ship aground. While the fundamental risk is the risk that is not derived from individual and broad impact, there is such as hurricanes, earthquakes and floods.

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