hazards risk and perils a complete explanation
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a complete description of risk hazard and perils with gif pictures. download it for the best view. as gif images on work when it was run on powerpoint platformTRANSCRIPT
Hazards, Perils and RiskWith reference to General Insurance
Par
isth
itiHazard
(Condition)
Kaa
ran
Peril
Cause of Risk and loss
Sam
bhav
na
Risk
Exposure to Hazard
With suppot of peril
HAZARDS
• Existing condition or possible (under current conditions) situation that has the potential to generate a disaster
HAZARDS1. Conflict based – civil war, terrorism, nuclear war, etc.
HAZARDS2. Human systems developed – caused by human activity, infrastructure, transportation, etc.
HAZARDS
3. Natural hazards – naturally occurring phenomena – weather, geological, hydrological, etc.
HAZARDS
• Hurricanes and tornadoes during their seasons
• Earthquakes
• High hazard, poorly maintained dams
• Airlines with poor safety records
• Power production systems with either dangerous technologies or poorly maintained transmission systems
VULNERABILITIES
• Vulnerability is an assessment of how well or how poorly protected you are against an event
• If you have a hazard you may or may not be vulnerable to it
• Live in the flood plain – vulnerable to floods
• Live on high ground – not vulnerable to floods
VULNERABILITIES
• Vulnerabilities may be reduced by mitigation measures (building construction, land use control, maintenance, etc.)
• Or by the level of preparedness you have achieved (well trained and equipped emergency teams, plans, exercises, etc.)
IMPACT
• Assessment of interaction of hazard effects with your vulnerabilities
• Scalar based on the two key variables – hazard strength and vulnerability level
PROBABILITY• A mathematical assessment of how likely it is that a specific event will occur
• Based on a wide variety of factors – history, global warming, infrastructure and demographic changes, new industries, changes in your activities and processes, etc.
Perils
A peril is something that can cause a loss. Examples include falling, crashing your car, fire, wind, hail, lightning, water, volcanic
eruptions, choking, or falling objects
Perils
FIRE….
Lightening….
Explosion
Implosion
RIOT DAMAGE
STFI( Storm Tempest Flood Inundation)
IMPACT DAMAGE
Subsidence and Land Slide
Risk.
Risk is the chance or probability that a person will be harmed or experience an adverse effect if exposed to a hazard. It may also apply to situations with property or equipment loss.
Types Of Risk
Pure risk exists when there is uncertainty as to whether loss will occurNo possibility of gain is presentedonly the potential for loss
Types Of Risk
• Speculative risk exists when there is uncertainty about an event that can produce either a profit or a loss
Types Of Risk
• Fundamental risks affect the entire economy or large numbers of people or groups within the economy. Examples of fundamental risks are high inflation, unemployment, war, and natural disasters such as earthquakes, hurricanes, tornadoes, and floods
Types Of Risk
• Particular risks are risks that affect only individuals or small group and not the entire community. Examples of particular risks are burglary, theft, auto accident, dwelling fires. With particular risks, only individuals experiencelosses, and the rest of the community are left unaffected
Types Of Risk
• Systematic Risk • Unsystematic Risk
Kinds Of RiskProperty risks
Risk that property may be damaged, destroyed or stolen
For example, lightning, tornadoes, hurricanes, explosions, riots, collisions, falling objects, floods, earthquakes, freezing, etc.
Kinds Of Risk
Financial risk Include credit risk, foreign exchange risk, commodity risk, and interest rate risk These risks must be identified and assessed in order for the firm to achieve its business goals
Lets Understand again……RISK AND HAZARD
Thanks for Listening