Risk Management and Insurance

Discover how crucial managing risk is to wealth creation, with Risk Management and Insurance.

In today’s commercial world, managing risk is vital. It enables greater business efficiency and reduces the probability of unfavourable outcomes. One method of managing risk is through the purchase of insurance policies to protect wealth. Insurance is also vital in any adequate financial plan, in the pursuit of personal wealth objectives.

In this unit you will explore the concept of risk, uncertainty, and risk management in a multi-faceted way, allowing you to understand the essential role it plays in the contemporary commercial landscape.


This unit will also explore case law, which acts as precedent for disputes between consumers and insurers, and examines insurance advice as a regulated, skilled vocation.

Learning Outcomes

On successful completion of this unit, students will be able to:

1. Validate the nature of insurance as a risk management device and argue the need for insurance by individuals and corporations;
2. Articulate the functions, and critique the operations of insurers, while extrapolating current issues facing the industry;
3. Justify the need for regulating the insurance industry including aspects of the regulatory environment and critique the role of representatives (Agents and brokers) and some of the taxation issues raised through the regulatory system; and,
4. Critically review and assess general insurance and life insurance products available in the market.