We have stated previously that individuals see the purchase of insurance as economically
advantageous. The insurer will agree to the arrangement if the risks can be pooled, but will need
some safeguards. With these principles in mind, what makes a risk insurable? What kinds of risk
would an insurer be willing to insure?
The potential loss must be significant and important enough that substituting a known insurance
premium for an unknown economic outcome (given no insurance) is desirable.
The loss and its economic value must be well-defined and out of the policyholder’s control. The
policyholder should not be allowed to cause or encourage a loss that will lead to a benefit or claim
payment. After the loss occurs, the policyholder should not be able to unfairly adjust the value of
the loss (for example, by lying) in order to increase the amount of the benefit or claim payment.
Covered losses should be reasonably independent. The fact that one policyholder experiences a
loss should not have a major effect on whether other policyholders do. For example, an insurer
would not insure all the stores in one area against fire, because a fire in one store could spread to
the others, resulting in many large claim payments to be made by the insurer.
These criteria, if fully satisfied, mean that the risk is insurable. The fact that a potential loss does
not fully satisfy the criteria does not necessarily mean that insurance will not be issued, but some
special care or additional risk sharing with other insurers may be necessary.
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