For insurance companies risk management is critical to the success and viability of their business. As a result, they have therefore adopted strategies to manage the risks they are exposed to.

For insurance companies risk management is critical to the success and viability of theirbusiness. As a result, they have therefore adopted strategies to manage the risks they areexposed to. 

You are required to:
1) Explain underwriting risk and discuss two risks faced by insurance companies. (7.5 marks) 
2) Discuss the importance of establishing an effective risk management policy at insurancecompanies to manage underwriting risks, giving one example of a risk management strategy usedby insurance companies to mitigate such risks. (10 marks) 
3) Discuss the role of the Insurance Core Principles as it relates to underwriting risks, in theeffective management of insurance companies. Refer to the following link, marks) 
The following will apply: 
– The document should be presented in a format that covers all the requirements above and in aformat that is presentable. 
– The number of words in the plan document should not exceed 3,000 words. 
– Students should make an effort to include at least ONE external reference in the responses tosupport the expressed opinions and assertions made. Students can use practitioner publications orformal websites such as Business Week, Fortune, Harvard Business Review, Wall Street Journal,or professional websites to identify information in support of their responses. Students can alsouse academic research publications such as Academy of Management Journal, Journal ofInternational Management. 
– External references must be appropriately cited both in the body of the response as well as in areference list at the end of the response, using American Psychological Association (APA) format.(APA Style, Version 7).
Rubric attached in attached document.

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