Which of the following is considered a pure risk?

Pure risk is characterized by situations where there is a possibility of loss but no opportunity for gain. Among the given options, damage from a natural disaster is recognized as a pure risk because it involves scenarios that can result in total loss without the potential for financial gain. This risk is not controllable and typically leads to negative outcomes, such as property damage or loss of life, without any accompanying possibility of profit.

In contrast, investment in real estate can yield profits or losses, making it a speculative risk rather than a pure risk. Similarly, gambling at a casino involves both the possibility of winning (gain) or losing (loss), which categorizes it under speculative risk as well. Starting a new business is another example of speculative risk, as it carries the potential for both financial profit and financial failure. Therefore, the nature of the situation involving damage from a natural disaster aligns with the definition of pure risk, making it the correct choice.