Principles of Risk Management and Insurance
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Principles of Risk Management and Insurance
Author
George E. Rejda and Michael McNamara
Published Date
Various editions, originally published in 1986
Page Count
Varies by edition (latest edition is typically around 700 pages)
Overview
“Principles of Risk Management and Insurance” by George E. Rejda and Michael McNamara is a comprehensive textbook that offers an in-depth look at the principles and practices of risk management and insurance. The book covers a wide range of topics, including the nature of risk, insurance mechanisms, life and health insurance, property and liability insurance, and regulatory and operational aspects of the insurance industry.
Key Themes
- Risk Management Concepts: Discusses the fundamental concepts of risk and the various strategies to manage it.
- Insurance Industry Overview: Provides an overview of the insurance industry, including types of insurers and how insurance markets operate.
- Life and Health Insurance: Covers the principles of life and health insurance, including policy types and underwriting.
- Property and Liability Insurance: Explores the coverage, underwriting, and regulatory aspects of property and liability insurance.
Historical Context
The book, regularly updated, reflects the evolving landscape of the risk management and insurance industry, addressing new challenges, technologies, and regulatory changes that impact the field.
Authors’ Background
George E. Rejda and Michael McNamara are respected academics with extensive knowledge and experience in insurance and risk management.
Impact and Legacy
The book is widely used in academic courses and professional training programs, recognized for its thoroughness and clarity in explaining complex insurance and risk management concepts.
Strengths and Weaknesses
Strengths: Comprehensive coverage, clear explanations, and real-world examples make it a valuable resource for students and professionals.
Weaknesses: The technical nature and length of the book may be daunting for readers without a background in finance or insurance.
Who Should Read This?
Suitable for students studying insurance, risk management, or actuarial science, and professionals in the insurance industry seeking a thorough understanding of risk management principles.