Handbook
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HB 141:2011

[Current]

Risk financing guidelines

The purpose of this handbook is to help organizations of all types to manage risk effectively, in those situations where risk financing is an appropriate form of risk treatment. It should be applied in conjunction with AS/NZS ISO 31000:2009.
Published: 06/05/2011
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Table of contents
Cited references
Content history
Table of contents
Header
About this publication
Preface
Introduction
1 The role of risk financing in the risk management process
1.1 Risk financing as a risk treatment
1.2 Reliability of risk financing arrangements
1.3 Other risk financing considerations
1.3.1 General
1.3.2 Communication and consultation
1.3.3 Establishing the context
1.3.4 Risk evaluation
1.3.5 Monitoring and review
1.4 Risk financing by governments
2 Risk financing mechanisms
2.1 Insurance
2.1.1 Benefits and limitations
2.1.2 The principles and concepts of insurance
2.1.2.1 Insurance is a form of contract
2.1.2.2 Insurer’s ability to pay
2.1.2.3 Reinsurance
2.1.2.4 Operation of the insurance ‘market’
2.1.2.5 Setting the premium
2.1.2.6 Use of multiple insurers
2.1.2.7 Minimizing premiums
2.1.3 Insurance regulation
2.1.3.1 General aims
2.1.3.2 Insurance regulation in Australia
2.1.3.3 Insurance regulation in New Zealand
2.2 Other (‘Alternative’) forms of risk financing
2.3 Self funding
2.3.1 General
2.3.2 Deductibles
2.3.3 ’Net effect’ considerations
2.4 Mutual insurance
2.4.1 General
2.4.2 Mutual insurance companies
2.4.3 Risk pools
2.4.4 Risk purchasing groups
2.4.5 Captive insurers
2.4.6 Taxation
2.4.7 Other factors affecting captive domicile
2.4.8 Access to reinsurance
2.4.9 Captives as an administrative mechanism for self-funding
2.5 Finite risk contracts
2.6 Capital markets
2.6.1 General
2.6.2 Borrowing and equity raising
2.6.3 Insurance futures
2.6.4 Catastrophe bonds
2.6.5 Weather hedges
2.6.6 Securitization
2.6.7 Other capital markets transactions
2.7 Takaful
2.8 Combinations of risk financing methods
3 Effective risk financing
Appendix A
Appendix B
Cited references in this standard
Content history
[Superseded]