Risk Management

Income and assets of individuals form the fundamental of financial planning. Without these one cannot plan for one’s financial future. And both income and assets of an individual are exposed to risks.

What are risks? Any uncertainty regarding loss is often consider as a risk. It maybe refers to any situation in which exposed to adverse situation that caused loss of life, income and assets.

A simple example would be, when a breadwinner becomes totally disabled due to accident or suffered from dreaded diseases, there is certainly the loss of income earning ability. It leads to losing financial support to his dependents and family. Hence, managing risk is immense.

Risk management is the process of protecting personal income and assets. It is the fundamental of an individual to understand the important of it. The following are the steps of risk management:

1. Determining the objectives of risk management.

2. Identifying the risk.

3. Evaluating the identified risk

4. Considering the best methods and adopting the most appropriate one.

5. Implementing the chosen methods.

6. Reviewing regularly.

Type of Insurance:

• Life Insurance

• Health & Medical Insurance

• Property & Motor Insurance

• Personal Accident Insurance

• Group Insurance

• Business Insurance

• Annuities

• Takaful Insurance