Insurance is part of the Risk Management Process

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Die Wirtschaftswelt rückt immer näher zusammen und Englisch ist die Lingua franca des heutigen Business. Auch Versicherungsvermittler stehen häufig vor der Herausforderung, Englisch sprechen zu müssen. Eine Serie auf versicherungsmagazin.de bietet den Einstieg in grundlegende Fachbegriffe der Assekuranz auf Englisch.

Die Gelegenheiten beziehungsweise Verlegenheiten für Versicherungsvermittler, ihre Englischkentnisse anzuwenden, können unterschiedlich sein: Versetzungen an einen Standort im Ausland, Firmenkunden, die ins Ausland exportieren oder dort Tochtergesellschaften unterhalten, englischsprachige Expats, die Versicherungsschutz suchen. Eine Serie von Beiträgen auf versicherungsmagazin.de erläutert Grundbegriffe der Assekuranz in Fragen und Antworten auf Englisch. Im ersten Teil geht es um Risikomanagement.

Insurance - part of the Risk Management (RM) Process

Can you distinguish different meanings of the technical term 'risk'?

  1. danger of (collapse, damage, falling, getting hurt, ..)
  2. uncertainty as to the outcome of an event
  3. loss or damage against which you are insured, e.g. fire peril/ danger of fire/ fire hazard, personal accident, ...
  4. person or object (to be) insured, 'he is a good or bad risk'. Examples: a high-risk item, or an individual may be a bad life risk if he is suffering from a chronic disease.
  5. probability of loss

To what extent do you have to do with RM activities? Think for example of any crime prevention and safety tips of the police.

  1. to protect your home and belongings
  2. to prevent theft from your motor vehicle, specifically your GPS unit
  3. to protect your money when using ATMs
  4. to stay safe while surfing the web and shopping online
  5. to protect yourself from becoming a victim of identity theft ...

What is one of the most important aims of the Enterprise Risk Management process?

The RM process can be shown as a cycle, it is a permanent feedback control system which helps private persons and businesses to reduce the probability of losses, and – if at all possible - to avoid damaging events.

What steps does the Enterprise Risk Management process involve?

1. Risk analysis,
2. Risk assessment,
3. Risk control and
4. Risk financing

Riskmanagement Circle

 

Having the above chart in mind, how could we define the term 'insurance'?

Insurance can be a valuable risk-financing tool. It is the catastrophe one is aiming to insure against. Risks ranging from fire and natural disasters to workplace accidents can be covered.

Glossary

technical term = Fachbegriff

uncertainy = Ungewissheit/Unwägbarkeit

probability of loss = Schadenswahrscheinlichkeit

ATMs = Geldautomaten

Risk control = Steuerung

The author

After many years working in the insurance business (mainly in the non-life sector) and being involved in various teaching activities and projects dealing with textbooks, Dieter Aigner has gathered additional experience as an English trainer on behalf of BWV Rhein-Main since 2009.

Dieter Aigner

Autor(en): Dieter Aigner

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