Question: Question 4 (10 marks) Risk identification and risk evaluation are integral parts of the risk management process. Yet, risk managers in the past have taken

Question 4 (10 marks)

Risk identification and risk evaluation are integral parts of the risk management process. Yet, risk managers in the past have taken a less than holistic approach and have neglected these aspects.

Analyse this statement and highlight the importance of identification and evaluation.

Question 5 (10 marks)

Market failure can be defined as a scenario where the market fails to provide goods and services (Valsamakis et al., 2016: 10).

Discuss the concept of market failure and how it is applicable in the insurance industry?

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