Fundamentals of Risk Management & Insurance in Canada
Edition: 2
Copyright: 2025
Pages: 673
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$60.00 USD
Risk is everywhere—from climate change and cyber threats to everyday decisions about property, health, and business.
Fundamentals of Risk Management and Insurance in Canada equips students with the tools to understand, evaluate, and manage risk in a rapidly evolving world. Through a Canadian lens, the text introduces foundational concepts of risk, including its sources, costs, and consequences, and explores how individuals, businesses, and governments can respond using risk management strategies including insurance.
Written for learners with no prior experience in the field, this comprehensive resource blends theory with practice using real-world Canadian examples, interactive exercises, and case studies. The book covers the full spectrum of risk—from enterprise risk management and loss financing strategies to an in-depth look at major types of insurance coverage for both individuals and businesses, including property, liability, automobile, and life and health insurance. Whether students are preparing for careers in business, finance, or public policy, this text provides the clarity, structure, and applied knowledge they need to navigate and reduce uncertainty in a complex world.
Chapter 1 Introduction to risk management 1
Chapter 2 Risk management for individuals: An overview 33
Chapter 3 Risk management for organizations: An overview 61
Chapter 4 Legal liability risk 85
Chapter 5 Introduction to enterprise risk management 121
Chapter 6 Risk assessment 147
Chapter 7 Risk analysis tools 181
Chapter 8 Risk treatment: Risk control 211
Chapter 9 Risk treatment: Risk financing for pure risks 239
Chapter 10 Risk treatment: Risk financing for speculative risks
Chapter 11 Pooling arrangement and diversification of risk 307
Chapter 12 Insurance market structure 325
Chapter 13 Insurability of risk 355
Chapter 14 Insurance pricing for indemnity products 393
Chapter 15 Property-casualty insurance products for individuals 421
Chapter 16 Natural catastrophes and climate change 459
Dr. Anne Kleffner is Professor and Chairholder, Insurance and Risk Management, at the Haskayne School of Business. She joined the University of Calgary in 1992. Anne received her BSBA from Creighton University, and an MA and PhD in Applied Economics and Managerial Science from The University of Pennsylvania's Wharton School.
Anne teaches primarily in the undergraduate program in the areas of risk management and commercial property and liability insurance. She also teaches in the Directors’ Education Program for the Institute of Corporate Directors Anne’s areas of research interest include enterprise risk management, insurance regulation, and catastrophe risk financing. She has published research in Journal of Risk and Insurance, Risk Management and Insurance Review, North American Actuarial Journal, and Ivey Business Journal.
Anne is Past President of the Board of the American Risk and Insurance Association, Hillhurst United Church, and Calgary Meals on Wheels. In her spare time Anne enjoys hiking, running, and traveling.
Dr. Mary Kelly is Professor of Finance and Chair in Insurance at the Lazaridis School of Business & Economics at Wilfrid Laurier University in Waterloo, Ontario. She holds a B.Math (Statistics) and an M.Math (Actuarial Science) from the University of Waterloo, a Doctorate in Commerce (Finance) from the University of British Columbia, and the ICD.D designation from the Institute of Corporate Directors.
Before joining Laurier in 1999, Mary taught at the University of Calgary and worked as an actuarial analyst. She has consulted for organizations such as the Insurance Institute of Canada, the Insurance Bureau of Canada, Finance Canada, the Ontario and Alberta Ministries of Finance, and the Property and Casualty Insurance Compensation Corporation. She has also provided expert witness testimony before the Ontario Human Rights Tribunal. Mary serves on the board of directors of Heartland Farm Mutual.
She teaches primarily at the undergraduate level in the areas of risk management, insurance, and finance. Her research interests include catastrophe risk, insurance regulation, and property-casualty insurance markets. Her work has been published in academic journals including the Journal of Risk and Insurance, Risk Management and Insurance Review, North American Actuarial Journal, and Canadian Public Policy.
Mary is a Past President of the Southern Risk and Insurance Association and an active member of the American Risk and Insurance Association. In her spare time, she enjoys cooking, running, and travelling.
Dr. Martin Halek is an Associate Professor in Risk Management and Insurance in the Haskayne School of Business at the University of Calgary. Prior, he held academic positions at the University of Wisconsin-Madison, the University of Georgia and the University of North Carolina – Charlotte. He was also a visiting professor at Audencia Nantes School of Management in France. Martin earned his Ph.D. (Insurance and Risk Management) from The Wharton School, University of Pennsylvania, his M.S. (Actuarial Science) from the University of Wisconsin-Madison, and his B.A. (Mathematics) from Whitman College. Prior to his academic career, he worked as an actuarial consultant.
Martin teaches risk management and insurance primarily to undergraduates but also teaches courses in several graduate programs. Martin’s areas of research include insurance economics, insurer ratings and financial markets, insurer loss reserving practices, adverse selection and hazard risk assessment. He has published in top academic journals including the Journal of Risk and Insurance, The Geneva Risk and Insurance Review, Forest Policy and Economics and Land Economics. He has received research and teaching awards including the Donald Hardigree Memorial Award for the Outstanding Paper published in the Journal of Insurance Issues and the Les B. Strickler Innovation in Instruction Award by the American Risk and Insurance Association (ARIA).
Outside of academics, Martin enjoys alpine skiing, tennis, travel and volunteering.