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Insurance and Risk Management (Essay Sample)

Coursework Assessment 2 Essay on industry issues As part of the Module your attention has been drawn to a number of issues which are currently of importance to the UK insurance industry. Your task is to take this knowledge and make a comparison between the situation facing insurance in the UK with that facing the insurance market in one other country. You may choose any country you wish but you should give careful consideration to the ease of access to relevant data before you settle on your choice. Do remember that I have concentrated on introducing you to some of the current industry issues. There will be others. I have my own special areas of interest but beyond that will have only a general knowledge of a particular aspect of insurance. I am just as likely to learn something from the research that you put in to your assessment. Be economical in your use of headings and sub-headings and do not overdo the use of numbered lists or bullet points. You may, however, make use of any tables or diagrams that assist the presentation of your story. Adopt one of the conventional referencing styles (I suggest Harvard – you will find guidance on this and other matters in the Student Handbook). Observe a word limit of between 3,000 and 4,000 words. * Please note that English in not my first Langugae. source..
Insurance and Risk Management
The insurance systems in various countries in the world have changed a lot in the last couple of decades. The risk management is very vital in the growth of the insurance sectors in the market. Organizations in many parts of the world have embraced proper methods of handling the insurance concepts, and the risk management has been a key drive in the development of the insurance system. The insurance sector and the concepts of risk management are also important in the overall growth of the economy. This paper explores the various issues that are currently of importance to the insurance industry in the United Kingdom, in comparison with the factors surrounding the insurance industry in the United States of America.
In the European countries, the insurance industries mainly engage a combination of the state securities, and the equities that are floated by the public markets (IMF, 2004, p.79). However, the United Kingdom insurance industry usually deals with equity. Risk management in the UK has taken different dimensions from those practiced by the other European countries in the region. The national market in the UK does not overly offer favorable combination of securities and equities that are state owned, due to the differences that exist among the various governments in the entire Kingdom (IMF, 2004, p.79). The capital markets in the UK portray varied properties from the public financial setups, due to several regulatory measures that have been created by the governments (IMF, 2004, p.79). This system is different from the insurance systems in several other developed countries in the world.
Risk management and the corporate business in the UK and USA
Risk management has grown tremendously in the UK over the past few years. The risk management standards in the UK were established in the wake of the millennium, for the business related sectors (Berwick, 2007, p.13). However, this standardization was changed in the year 2002, when the risk management systems were changed by a group of companies and organizations (Berwick, 2007, p.13). These measures were taken in order to ensure that several issues that concern the field of risk management were rectified (Berwick, 2007, p.13). These organizations introduced new measures to be implemented for a healthy growth of risk management in the UK to occur. Risk management requires strategic planning. The risk managers are able to identify new possibilities in the risk management (Ward, 2001, p.8). The process of risk management involves relevant analysis, in order to trigger innovation and creativity in the field (Ward, 2001, p.8). This can help in addressing the problem of uncertainty in risk management.
The aspects that were regulated in this standardization of the risk management include the proper explanation of the terminologies used in the field of risk management (Berwick, 2007, p.14). This...
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