Risk is an integral part of human life. Perception has a role to play in identifying and acknowledging risk. Statistics is a means to understand risk. Risk is a about cause and effect. The main reason why you pay insurance premiums is not to make the risk of an accident diminish, but the financial outcome of an accident. Does this latter point influence you to drive with a lower level of caution?
The aim of this note has little to do with insurance and the fine print. Rather, it is with the attitude of people. You either understand risk and are happy to take on the risk or you understand it not. When you don’t understand risk, you are either reckless, or you overreact on the side of caution, thinking that you can hide from all sorts of danger. The reckless people do not consider enough of the consequences of their actions. If we continue to use driving as an example, then we know the chance of killing someone on the road is already high. Jumping red traffic lights and stop streets increases the risk of accidents. But is it an accident when you are reckless? Consider your reaction to a builder not taking care when erecting a building which results in damage and possibly bodily harm to the inhabitants of the house. Consider the surgeon not taking due precautions with you undergo a medical procedure. Consider, your financial planner advising you on an investment without him having done any due diligence on it. What about your children playing with fire? What about bungee jumping gone wrong? Just as much as you consider your own safety and that of your loved ones, spare a thought for what harm you may cause others. But risk is more than just your attitude on the road.
Risk assessment is an important part of life. How do you look at the your life and manage all these risks? And what is this thing called “contentment”?
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