This Masters thesis deals with the process of product development and product launch of an insurance coverage in Austria and it focuses on risk management. The first part contains theoretical input about the basics of the insurance industry and the insurance market and it continues with the elaboration of the product development and launch explained by the example of an insurance for horses. The customer needs for this insurance coverage were surveyed by an empirical study. People who own at least one horse were asked to complete a questionnaire. Furthermore the paper points out a comparison of the profit-based arguments of the product development manager and the risk aware arguments of the risk manager. Finally the special attributes of this horse insurance product were mentioned.