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Risk Management

In: The British Insurance Industry Since 1900

Author

Listed:
  • Robert L. Carter

    (University of Nottingham)

  • Peter Falush

Abstract

Companies and other organisations generally need to stabilise their finances, including revenues and profits, from year to year. Therefore, they need to protect themselves against major losses of assets that could expose them to the possibility of a substantial loss of business, so being unable to maintain dividends for shareholders, insolvency or hostile takeover. A problem is that some of the most potentially damaging risks are highly unpredictable. Insurance evolved as a means of protection against financial loss arising from the occurrence of uncertain events causing loss of or damage to property, business interruption or legal liability to compensate third parties for injury or damage.

Suggested Citation

  • Robert L. Carter & Peter Falush, 2009. "Risk Management," Palgrave Macmillan Studies in Banking and Financial Institutions, in: The British Insurance Industry Since 1900, chapter 9, pages 117-125, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-23952-4_9
    DOI: 10.1057/9780230239524_9
    as

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