Discuss about insurance companies risk management is critical to the success and viability of their business.

Discuss about insurance companies risk management is critical to the success and viability of their
business.

1) Explain underwriting risk and discuss two risks faced by insurance companies. (7.5 marks)

2) Discuss the importance of establishing an effective risk management policy at insurance
companies to manage underwriting risks, giving one example of a risk management strategy used
by insurance companies to mitigate such risks. (10 marks)

3) Discuss the role of the Insurance Core Principles as it relates to underwriting risks, in the
effective management of insurance companies. Refer to the following link,
https://www.iaisweb.org/page/supervisory-material/insurance-core-principles-and-comframe
(7.5 marks)

The following will apply:
– The document should be presented in a format that covers all the requirements above and in a
format that is presentable.
– The number of words in the plan document should not exceed 3,000 words.
– Students should make an effort to include at least ONE external reference in the responses to
support the expressed opinions and assertions made. Students can use practitioner publications or
formal websites such as Business Week, Fortune, Harvard Business Review, Wall Street Journal,
or professional websites to identify information in support of their responses. Students can also
use academic research publications such as Academy of Management Journal, Journal of
International Management.
– External references must be appropriately cited both in the body of the response as well as in a
reference list at the end of the response, using American Psychological Association (APA) format.
(APA Style, Version 7).

Rubric attached in attached document.

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