Casualty | Insurance Broking & Risk Management | Marsh (2024)

FAQs

What is insurance broking and risk management? ›

An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their clients and provide advice in the interests of their clients. A broker will help you identify your individual and/or business risks to help you decide what to insure, and how to manage those risks in other ways.

Casualty insurance is an umbrella term to describe the coverage provided by a number of different types of insurance, ranging from vehicle insurance to workers' compensation (where applicable) and from liquor liability to product liability.

Industry regulations, insurer interactions adding to burden

Anxiety levels have also reached a new peak, as nearly half of brokers (48%) reported suffering from anxiety during the same period. Heavy workloads remained the primary cause of stress, as reported by 75% of respondents.

Insurance is for catastrophic losses, Risk Management is structured and responsible management, a discipline whose goal is to protect the public, the organization's assets and net income, by reducing the potential for loss before it occurs and where a loss does occur, protect the organization in an economical and ...

Casualty insurance includes vehicle insurance, liability insurance, and theft insurance. Liability losses are losses that occur as a result of the insured's interactions with others or their property. For homeowners or car owners, it's important to have casualty insurance, as damage can end up being a large expense.

Casualty insurance refers to insurance that covers the legal responsibility of individuals and businesses for losses stemming from damage to another's property or an injury to another person. This protection addresses the financial liability that a business or an individual may be legally required to satisfy.

Insurance brokers identify and organise suitable insurance cover for commercial organisations and private clients. Insurance brokers liaise between clients and insurance companies, finding the client the best deal for their insurance cover.

An insurance broker is a professional who acts as an intermediary between a consumer and an insurance company, helping the former find a policy that best suits their needs. Insurance brokers represent consumers, not insurance companies; therefore, they can't bind coverage on behalf of the insurer.

An insurance broker acts as a middleman between insurance buyers and companies, helping clients find suitable coverage. Meanwhile, an insurance risk manager works within organizations, focusing on identifying and managing risks across the business beyond just insurance, aiming to minimize potential financial losses.

The Insurance and Risk Management program integrates business studies with insurance-industry-specific courses. You study management, finance, communications and accounting courses, along with specialized courses in insurance principles, underwriting and claims.

What are the five methods of risk management in insurance? ›