Principles of Risk Management and Insurance (8th edition)

Abstract

This text deals with risk and its treatment. Since the last edition of Principles of Risk Management and Insurance appeared, several unprecedented events have occurred that clearly demonstrate the destructive presence of risk in our society. In 2010, one of the most devastating earthquakes in recent history struck poverty-stricken Haiti, causing enormous human suffering, an estimated 316,000 deaths, one million homeless people, and widespread property destruction. In 2011, a deadly earthquake hit Japan that caused a devastating tsunami and a nuclear accident crisis. More than 18,000 people died, thousands more are missing, and estimated property damage may exceed $300 billion. During the same period, the Obama Administration introduced legislation to reform a broken health-care delivery system. Despite formidable opposition by the Republicans, and heated and bitter debate, Congress enacted the Affordable Care Act in March 2010. The new law extends health insurance coverage to millions of uninsured people, provides subsidies to purchase insurance, and prohibits certain abusive practices by insurers.