Risk Management and Insurance

This course introduces students to the fundamental principles of risk management and the role of insurance in mitigating risk. This course covers key topics such as risk identification, analysis, and control, as well as the various types of insurance products used to manage personal and business risks. Students will explore the process of evaluating risk exposures, developing risk management strategies, and applying insurance solutions to protect against financial losses. Through case studies and practical applications, students will gain the skills needed to make informed risk management and insurance decisions.

Upon successful completion of this course, students will be able to:

• Understanding Risk Management Principles: Students will develop a solid understanding of the risk management process, including how to identify, assess, and prioritize risks in both personal and business contexts.
• Insurance as a Risk Management Tool: Learn how insurance products, including property, liability, health, and life insurance, are used to transfer and mitigate risks, providing financial protection against unforeseen events.
• Risk Analysis and Strategy Development: Gain the ability to perform risk analysis and design comprehensive risk management strategies that balance risk retention, reduction, transfer, and avoidance for individuals and organizations.
• Legal and Ethical Considerations in Insurance: Understand the legal and regulatory frameworks governing the insurance industry, as well as the ethical considerations in providing risk management and insurance solutions.

These outcomes aim to equip students with the knowledge and skills necessary for careers in risk management and insurance, preparing them to assess risks and develop strategies that protect individuals and businesses from financial losses.