Risk Tips Issue 1: Risk Transfer Methods

  • Apr 25, 2017
  • Investopedia Online, CAN Publications, Everest Loss Control Alerts, Wikipedia Online encyclopedia

Risk Transfer Methods:

Principles & Practice of Insurance

What is Risk Transfer?

Risk transfer is a risk management and control strategy that involves the contractual shifting of a pure risk from one party to another. One example is the purchase of an insurance policy, by which a specified risk of loss is passed from the Policy Holder to the Insurer. Other examples include; hold-harmless clauses, contractual requirements to provide insurance coverage for another party’s benefit and reinsurance. When done effectively, risk transfer allocates risk equitably, placing responsibility for risk on designated parties consistent with their ability to control and insure against that risk. Liability should ideally rest with whichever party has the most control over the sources of potential liability.

Read more...

Quick Pick

Risk of Fuel Tanker Fire

Mitigation Strategies

Read more

ABUJA QUARTERLY RISK ROUND-TABLE (QRRT)/ INDUCTION 2018

Abuja Q3 2018 Quarterly Risk Round Table (QRRT) and New Members Induction Programme. The Programme will take place in Abuja as follows: Date - Tuesday, 28th of August, 2018 Time - 10.00 am to 3.00 pm Venue - Ajuji Greenwich Hotel, Plot 1083, Joseph Gomwalk Street, Off Abdulsalami Abubakar Road,…

CBN, Director of Banking Supervision Department officially joins Risk Manager Association of Nigeria.

Central Bank of Nigeria, Director of Banking Supervision Department, Alhaji Ahmad Abdulahi is the latest high profile individual to join RIMAN. Prior to now, Alhaji Abdulahi has been a strong supporter of RIMAN. Alhaji Ahmad Abdulahi oversees banking supervision department of the Apex Bank. The department conduct off-site surveillance and…

Endowment of Academic Prize in UNILAG by Risk Managers Association of Nigeria (RIMAN)

In furtherance of its mission to achieve continuous capacity building in Risk Management, Risk Managers Association of Nigeria (RIMAN), recently made a historic move in establishing and endowment of academic prize for the best graduating student of the Masters of Risk Management (MRM) programme of the Actuarial Science & Insurance…