Risk management is the core element of the project management of tunnel engineering. It is crucial to manage the engineering risk from all perspectives of project organization, procurement and operations. For high risk tunnel engineering projects, especially large scale river/sea crossing tunnels, it is very necessary to adopt scientific and systematic risk management system in a model of whole process, all perspectives and all party participation. The whole process risk management covers stages of engineering feasibility study, design, tendering and construction, completion acceptance and handover. In each engineering stage, risk management shall include risk identification, assessment, distribution, quantification and reduction measures. In this paper, the concept, protocol and the application of tunnel engineering whole process risk management are discussed, and the proactive model of insurance and risk management are introduced.