Products and Perils

Catrin Townsend ()

Chapter Chapter 3 in A Risky Business, 2022, pp 45-67 from Springer

Abstract: Abstract The previous chapter covered the life cycle of an insurance policy. But which policy should a customer take out? Given that the customer (and remember, the customer could be a business) feels the need to have insurance to transfer some risk, presumably they can specify at least one risk they wish for the insurance to cover. Specific things that can go wrong are called perils. The easiest way to identify which perils might be relevant for a customer, or which perils an insurer might be exposed to, is to ask yourself: what could possibly go wrong?! Depending on the circumstance, this could be a very long list! And don’t confuse possible with probable here: it is important not to forget the risk of unlikely-but-expensive events. You might find that the answer to ‘what could possibly go wrong?’ is usually ‘everything’!

Date: 2022
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DOI: 10.1007/978-3-031-11673-5_3

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