in an attempt to determine appropriate risk management strategies for tourist scuba-diving operation, wilks and Davis (2000) developed a risk evaluation matrix(see Figure 8.2). The matrix entail four components: risk retention is the assumption or acceptance of loss by the operator; risk transfer is the use of insurance to cover infrequent but potentially costly accidents; risk is the use of insurance to cover infrequent but potentially costly accidents;risk reduction is the adoption of best practice to keep the likelihood of accidents to a minimum: and risk avoidance is achieved by eliminating those activities that are too risky form the operators product portfolio.