Although it agreed to sell the business far below its valuation on the books, KB Financial's non-executive directors opposed the deal, citing an "unclear outlook for the domestic life-insurance business, the need for tighter risk management, " and a high price.

WSJ: Potential Buyers Emerge for ING's Korean Life Arm

The best tool to protect oneself from a natural disaster is private insurance, said Howard Kunreuther, co-director of the Risk Management and Decision Processes Center at the University of Pennsylvania's Wharton School.

WSJ: Aid Shows Sandy's Reach

Pallat III, a former risk management instructor at Georgia State, initiated a complex and convoluted insurance scheme two years ago that seems to have done just that.

FORBES: Passing the Trash