Catastrophic Losses Exposure and Basic otherwise Systemic Absolute Chance

The second quotation try a key so you’re able to today’s exposure administration abuse: “Exposure government might have been a significant part of the insurance globe…, in immediate past this has created a larger money due to the fact an emerging government opinions throughout the world…. The situation against the danger management practitioner of one’s twenty-basic millennium isn’t just breaking without the motto you to definitely risk administration concerns insurance coverage, of course, if we have insurance policies, after that we have addressed all of our risks, but alternatively are acknowledged just like the a seller out of advice and service towards chance suppliers therefore the chance takers whatsoever levels from inside the firm. It will be the exposure providers as well as the chance takers which have to end up being the people who own risk and you can accountable for its productive government.” Laurent Condamin, Jean-Paul Louisot, and you may Patrick Maim, “Risk Measurement: Management, Prognosis and you will Hedging” (Chichester, UK: John Wiley Sons Ltd., 2006).