UK: (1) the possibility of adverse deviation from the predicted outcome of underwriting; (2) the peril or adverse contingency insured.
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US: (1) Uncertainty arising from the possible occurrence of given events. (2) The insured or the property to which an insurance policy relates.
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(i) Possibility of loss or exposure to loss, (ii) Probability or chance of loss, (iii) Peril which may cause loss, (iv) Hazard, or condition which increases the likely frequency or severity of loss. (v) Property or person exposed to loss, (vi) Potential rupee amount of loss. (vii) Variations in actual losses. (viii) Probability that actual losses will vary from expected losses. (ix) Psychological uncertainty concerning loss. (x) Concise Oxford Dictionary: Risk, hazard, chance of bad consequences, loss etc., ; exposure to mischance (xi) Chamber’s English Dictionary: Risk: hazard, danger, chance of loss or injury, the degree of probability of loss, a Person, thing or factor likely to cause loss or danger (xii) ISO 31000 – standard prescribed by the International Organization for Standardization defines “Risk” as the effect of uncertainty on objectives, whether positive or negative.
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MEDICAL, US: 1. Possibility that revenues of the insurance company will not be sufficient to cover expenditures incurred in delivery of medical services. 2. Probability of loss in a given population.
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UK: 1. The possibility or chance of harm, injury or damage. It is influenced by hazards present in a situation. Some definitions distinguish pure risks (the outcome is ‘loss or no change’) from speculative risks which range from ‘loss to gain. A distinction is also made between insurable and uninsurable risks. 2. A risk may also be the subjectmatter insured or the peril insured against. 3. An insurance company’s risk is uncertainty regarding the cost of a particular claim and depends on the underwriting risk and the timing risk or both. See RISK ANALYSIS.
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A term used to refer to the person, organization, or thing that is insured. This term can also be used to refer to the outcome of an event, which cannot be predicted, when more than one possible outcome exists.
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US: The chance of loss. Also used to refer to the insured or to property covered by a policy. (2) Any chance of loss. (3) A term used to refer to a person or the peril insured.
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This term may variously refer to – (a) the possibility of some event occurring which causes injury or loss; (b) the subject-matter of an insurance or reinsurance contract; or (c) an insured peril.
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Uncertainty concerning loss. Sometimes also used to refer to a piece of business or a submission to an insurer.

Systematic use of information to determine the probability of an occurrence and the severity of its consequences. This leads to informed decisions as to how particular risks should be managed. Risk mapping facilitates the process.