Assign Risk

Assign Risk-58
It's natural to want to turn this into a two-by-two matrix.The problem here is where the lines dividing the quadrants of the matrix lie.High-probability/high-impact risks are the most critical, and you should put a great deal of effort into managing these.

It's natural to want to turn this into a two-by-two matrix.

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One of them is for income-eligible drivers through California’s Low Cost Auto Insurance Program (CLCA).

The other type is for high-risk drivers with more than a few accidents or traffic tickets who are unable to obtain a policy through the voluntary auto insurance market.

Risk management is an important function in organizations today.

Companies undertake increasingly complex and ambitious projects, and those projects must be executed successfully, in an uncertain and often risky environment.

You use these two measures to plot the risk on the chart.

This gives you a quick, clear view of the priority that you need to give to each.As a responsible manager, you need to be aware of these risks.Does this mean that you should try to address each and every risk that your project might face?A policy through the CAARP does not mean that it will be more affordable than if you go through the regular voluntary market.It is merely a guarantee that you will get insurance for you and your vehicle when everyone else has rejected you.However, paying for these types of assigned risk plans are better than the potential financial liability from an accident you cause, not to mention the penalties for driving without insurance in CA, and getting your car registration suspended if caught.When you are a high risk driver, it can be difficult to get affordable car insurance, and sometimes even to get a willing insurer to give you a policy at all.For example, State Farm has approximately 15% of the market share in CA, so we would expect that it has a similar share of the non-standard marketplace business too.There are two types of plans that are issued through the CAARP administration office.For example – should you ignore a 49 percent probability risk, which will cause a 49 percent of maximum loss?And why, in this example, should you pay maximum attention to a risk that has a 51 percent probability of occurring, with a loss of 51 percent of maximum loss?

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