Risk is the chance of a loss or the possibility of an unfortunate accident.  The taking of a risk is based onyour own personal experience; however there is a limit to the amount of risk you can bear, and there are some risks for which insurance companies are prepared to take responsibility and provide cover, and most of these risks are common to most of us.However, although you may have a measure of control over your assets through good security and careful driving etc., these risks cannot be completely avoided.
The use of the word risk in insurance refers to the subject matter of insurance which is the item requiring insurance cover.