Insurance Principles and Risk Management
Claims disputes, gaps in cover and costly premiums often trace back to a weak grasp of basic insurance principles and of how insurance fits into wider risk management. This programme explains how insurance works, how the core legal principles apply to real policies and claims, and how organisations decide which risks to retain, reduce or transfer.
11 - 15 October 2026
Vienna
5 Days
USD 5,500Staff who work with insurance, whether in an insurer, a broker or a client organisation, are often expected to handle policies and claims without a clear foundation. They may not recognise when a non-disclosure puts cover at risk, why a claim is paid on an indemnity basis rather than at replacement value, or how subrogation and contribution affect recoveries. On the client side, insurance is often bought as a routine renewal instead of as one part of a risk management strategy, leaving some risks over-insured and others not covered at all.
This programme builds understanding in a logical order. It starts with risk and the purpose of insurance, then explains the core principles that govern every contract, moves to the main types of cover and how policies are structured, and then places insurance within the risk management process. It ends with underwriting, claims and the regulatory and ethical environment, including takaful.
Built on recognised practice. The programme references ISO 31000 on risk management, the Insurance Core Principles of the International Association of Insurance Supervisors (IAIS), the general principles of IFRS 17 for how insurance contracts are reported, and the core common law insurance principles of insurable interest, utmost good faith, indemnity, subrogation, contribution and proximate cause. Participants are shown how local law and regulation may differ.
What this changes in practice. Participants are better able to read a policy and spot key conditions and exclusions, recognise disclosure and claims issues early, explain cover clearly to colleagues or clients, and contribute to decisions on which risks to insure, at what level of deductible and limit, and which to manage in other ways.
How it is delivered. Twenty hours across five sessions, built around one running case: a mid-sized company reviewing its property, liability and motor insurance programme after a significant loss. Participants identify and assess risks, apply the insurance principles to the claim, and propose a revised approach to risk treatment and cover.
In-house option. For organisations, the programme can be tailored to your own lines of business, policy wordings, claims procedures and regulatory framework, and delivered to new underwriting, claims, sales or corporate risk staff.