First of all, decide whether you want to risk manage (for purposes of doing your assignment). It could be a ‘whole organisation' or ‘part of an organisation'. Make it clear at the beginning of your assignment what exactly you have chosen to risk manage.
Your assignment is then as follows:
Your usual insurer has just sent you a quote for next year's insurance premium and you consider it to be too high.
a) Explain the alternative risk management courses of action available to you, and
b) Explain the thought processes and analysis that should be undertaken in order to choose between the alternative courses of action.