The main element(s) of risk are:

The main elements of risk are uncertainty and level of risk. Risk, by its very nature, involves a situation where the outcome is not guaranteed; hence, uncertainty is a fundamental characteristic. When evaluating risk, it's essential to assess the level of risk involved, which refers to the degree of probability of an adverse event occurring and the potential impact it might have. Together, these two elements—uncertainty and level of risk—form the basis of understanding various risks in insurance and broader financial contexts.

While certainty might seem relevant, it actually does not describe risk, as risk inherently includes uncertainty. Insurable interest, although a crucial concept in insurance, does not directly pertain to the elements of risk itself but rather pertains to the legal requirement necessary for a party to insure against a loss. Thus, the combination of uncertainty and level of risk is fundamental to the study and practice of risk management and insurance.