Insurance risk assessment is the manner in which the risk factors and their management plans are drawn. The document contains the assessment from where the risks can be factor-analyzed and the management tactics can be deduced easily. Thus the document should have a designated frame and style and the content should be provided in a succinct manner.
Sample Insurance Risk Assessment
General Insurance Risk Assessment
Name of the assessor: Peter Cap
Designation: Senior Insurance Consultant
Date of assessment: 5th July, 2010
Background: Following the huge failure of a certain US insurance company in the last month, this initiative was taken. The failure was a result of a certain insurance plan gone horribly wrong coupled with a database crash making a line of customers switch companies.
Risk Potentials and Management Practices:
1. It was seen that as a result of the breakdown in computer database and its technological restoration, a lot of customer data was either lost or in disarray. Thus the mails and payment orders were not sent on time to the recipients. It is always safe to have backup of the customer information for emergencies and better address management.
2. Further analysis revealed that the insurance rates were exorbitantly high and not in synch with the other operating insurance companies. This acted as a risk and the crash was like fuel to the fire.
3. Accurate mapping of the vulnerable places is important to be recorded and as it seems from the finding that the company was not sure of the accidents and fires that were occurring at different towns and cities.