1. Insurance, risk and solvency

1.1 Insurance contract risk

An insurance operation is a transaction involving the exchange of an immediate and certain payment for a future payment that is subject to uncertainty, at least as regards its date. From a legal point of view, this operation involves the signing of a contract between an insurer and a natural or legal person, commonly referred to as the insured. This contract is valid for a fixed period, generally one year, and is embodied in a document known as an insurance policy. At the beginning of the year, the insured (or policyholder) pays the insurer an insurance premium. In return, the insurer undertakes to pay an indemnity to the insured in the event of a claim during that same year (figure