What is Insurable risk

A risk is insurable if it's out of your control, financially measurable and random in nature.

It is important that its occurrence is random because if you can predict its occurrence, it ceases to be risk and becomes more of a certainty.

Take life insurance. It covers your dependants financially upon your death. Early death is a risk that is random in nature, but as you grow older its probability increases.

So, buying life cover at 30 is easy, at 50 you would have to pay higher premiums, and at 80, you won't be insured.

The risk also needs to be financially measurable. When you buy a life insurance policy, you need to choose a sum assured. This is the amount the insurer pays to your beneficiary on your death.

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