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Insurance Principle and Practice Assisgnment

In: Business and Management

Submitted By wingtung919
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Pages 4
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According to a fire accident with colored theatrical powder were injured more than 500 people at Taiwan Water Park. In this case, I will explain and discuss how to prevent the similar event fire accident happen again and will explain the four reactions to risk how to deal with the risk exposure of the fire accident.

b) Suppose Hong Kong event organizer may be organizing a similar outdoor event in the future, so we should need to have a risk control manager to develop the risk management process for preventing fire accident.

I would like to explain the 4 steps about risk management process.

Identifying the risk: We may be organizing similar outdoor event in the future of Hong Kong, there are fire effect on stage and electronic dance music from bands in order to attract more audience to enjoy a fire and music night. In the event, may be occur fire accident to pure risks. There are natural disasters of rainstorm, fire and construction damage of stage collapse. Fire means smoking and wiring problem and short circuit of electronic music instrument and use colored theatrical powder can lead fire accident. Rainstorm can cause short circuit of electronic music instrument. Stage collapse means structure damage. When appear some of risks, we should find solutions to reduce fire accident happen. Others, if fire accident happened, arising to injury from people and instruments damage.

Quantifying risk: We can list out a table for analysis the probability of happen as below: then figure Impact 0.01 to 0.33 = Low, 0.34 – 066 = Medium, 0.67 – 1.00 = High.

Table 1 Risk Summary | Risk Category | Probability | Impact (1-4) | RMMM | Smoking | Fire | 0.5 | 0.5 | | Wiring problem | Fire | 0.5 | 0.5 | | Short circuit | Fire | 0.5 | 0.5 | |

In this example (and assuming a $1,000,000 project estimate) your Risk is…...

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