Sunday, 15 January 2012

Why Risk Management?

Protecting income and asset loss due to uncertainties and risks, e.g. accident, disaster, disability, death and diseases.

Type of Risk

Financial Risk - Separating personal wealth and business with clear boundary and solid protection against business creditors by setting up Trust
Longevity Risk - Outliving retirement fund by investing in Annuity and Medical Insurance
Succession Risk - plan early and develop a succession plan
Diversification Risk - putting your nest egg in a few baskets (not wholly in your business)

Type of Insurance:

Life Insurance
Health & Medical Insurance
Property & Motor Insurance
Personal Accident Insurance
Group Insurance
Business Insurance
Annuities
Takaful Insurance