To be able to estimate the impact of a risk, the identified risks are assessed. The assessment is applied according to the probability of occurrence and the associated potential impact.
In illustrating the results – especially if there are multiple risks to be examined – a risk matrix can be helpful. In technical terms, the assessment of the financial extent of damage is paramount for the valuation of the insured sum.
Depending on the risk, the calculations can be made by means of simulations and/or by actuarial projections.
In the management of risks, measures of the identified and assessed risks are taken. These measures must comply with the determined risk policy.
The objective is to balance opportunities and risks and implement a risk strategy.
As part of an effective risk strategy, four different control possibilities are available: risk elimination, risk mitigation (self-retention), risk transfer e.g. to an insurer, or acceptance of the risk.
HiSV has many years of experience handling both complex and high profile claims, across the sports industry.
Successful claims management is vital for the policyholder. The insurance broker takes on a central role here and ideally supports their client clearly from the outset. The broker advises and represents the policyholder to the insurers, and discussions can be very complex and lengthy. Our many years of experience, and having processed many difficult claims, are especially relevant here.