1. What is Risk Management?
Dealing with the bad things (Pure Risk)
that can happen to individuals and
companies.
Safety and loss control
Insurance and loss funding
Health and employee assistance
Environmental issues
Emergency preparedness
2. The Nature of Risk
Managment
Scientific approach to dealing with pure
risk
Broader than insurance purchase
Differs from the insurance management
philosophy
3. Development of Risk
Management
Risk management evolved from corporate insurance buying
1929
1931
1932
1950
• Corporate
insurance
buyers met in
Boston to
discuss mutual
problems.
• American
Management
Association
established its
Insurance
Division.
• Insurance
Buyers of New
York formed.
• National
Association of
Insurance
Buyers formed;
(later became
American
Society of
Insurance
Management
and then
became the
Risk and
Insurance
Management
Society (RIMS)).
