Video
Duration: 10 minutes

Insurance principles guide the conduct of insurance.  In this video we cover indemnity, average, subrogation, proximate cause, contribution, good faith and insurable interest. 


Video
Duration: 4m 10s

A claim is one of the key times that the insurer can make a favourable impression on the policyholder. It is probably the moment of greatest expectation, referred to by marketers as the moment of truth.  This video provides an overview of the claims handlers role in the bigger picture. 


Video
Duration
: 1m 03s

The law of large numbers says that the larger the number of exposure units, the more accurately you can predict the probability that a particular unit will suffer loss.  Probability can be interpreted as the proportion of times a specified event will almost certainly occur out of a large number of trials.


Video
Duration:   4m 10s

Security is a basic human need.  It is hardly surprising, therefore, that the roots of today's insurance industry can be traced back into antiquity.  Welcome to the History of Insurance.  Some 2000 years before the birth of Christ, merchants in the Babylonian Empire were repeatedly falling victim to robbers on their long travels through inhospitable regions. 


Video
Duration: 4m 43s

The principle of insurance pricing is to determine a price for each risk that reflects the perceived exposure.  in terms of impact and frequency and makes an appropriate contribution to expenses and profit.  This video provides an overview of the factors considered when calculating premiums.


Video
Duration: 10m 32s

Risk implies uncertainty. Probability applications are meant to make dealing with uncertainty more rational, rather than depending on gut-feel intuition and hunches.  The probability of an event is a measurement of the chance that the event will occur within a given time period.  Probability can be expressed as a number that varies between 0 and 1.


Video
Duration: 3m 45s

The profits an insurer makes from selling insurance follows a cyclical pattern and insurance is one of the most cyclical of all industries.  This cyclical pattern is caused by external factors that affect capacity - such as catastrophic events and investment performance.  In addition internal factors - such as insurers striving for market share during times of robust investment results - contribute to the cycle.


Video
Duration:  7m 21s

Risk is a combination of hazards measured by probability.  Risk implies that there is uncertainty present.  The uncertainty is whether the event will take place and if it takes place what the outcome will be.  The degree of uncertainty surrounding the event determines the level of risk and this can be interpreted in terms of the frequency with which an event will occur and the probability that it will display a certain outcome. 

Video
Duration:  7m 39s

Risk management is a organised strategy for controlling financial loss from pure risks as well as insurable risks.  Risk management is about having a proactive attitude towards identifying risks and having a plan on how to handle those risks that cannot be managed out of the business.

Video
Duration:   9m 45s

Risk identification can be broken down into macro identification and micro identification. Macro identification is the process of identifying risks that have the potential to have a major financial impact on the business, for example, an earthquake.  Micro identification is the process that follows macro identification as it involves the identification of sub-risks within the major risks identified.

Video
Duration:   11m 20s

Risk identification is the most important step in the risk management process because an unidentified exposure and its risk cannot be effectively managed.  Risk is present in every business activity and is not always self evident.


Video
Duration: 16m 43s

Risk analysis is the second step in the risk management process and involves ranking risks according to severity, probability and potential cost.  Once risks are identified it seems logical to do something about it. The next step is ranking risks according to the type and probability of occurring.


Video
Duration: 16m 47s

Risk control refers to techniques that reduce the frequency and severity of accidental losses.  Once risks have been identified and evaluated all techniques to manage the risk fall into one or more of the following four categories 1) avoidance 2) reduction 3) transfer and 4) retention.


Video
Duration: 10m 49s

Risk financing is a selection of methods to fund loss or possible future loss.  While we can do as much as it is physically and financially practical to eliminate or reduce risks, they can never be managed away all together.  Some of the losses involved are relatively small or form an unavoidable part of the normal running of the business.


Video
Duration: 15m 44s

Risk transfer causes another party to accept the risk typically by contract.  Insurance is one type of risk transfer.  Losses represent wasted resources that could be used in increased production.  Elimination and reduction of losses is in everyone's interests - the insured, the insurer and society at large.


Video
Duration: 10m 30s

Alternative risk transfer is the use of techniques other than traditional insurance and reinsurance to provide risk-bearing entities with coverage or protection.  ART aims to reduce or eliminate certain fundamental risks,  add capacity at an affordable cost and grow the whole range of insurable risks. 


Video
Duration: 8m 32s

Personal risk management deals with those risks which have an impact on the individual or a small group of individuals rather than a company.  We will specifically look at the risks associated with an individual's earning capacity.  Attitudes towards personal risk are changing.


Video
Duration: 6m 47s

Risks are measured through records that have been built up into databases.  Raw data is used to produce a result that can be used to manage risks more effectively.  Insurers use risk measurement to decide on the level of the premium.  Buyers of insurance use risk measurement to decide on economic ways of risk management and to judge whether premiums offered are realistic.