The market risk premium is measured by the market return less risk-free rate. You can calculate the market risk premium as market risk premium is equal to the expected return of the market minus the risk-free rate.

There are many different market risks. Some different market risks are systematic risk, credit risk, country risk, political risk, market risk, interest rate risk and many more.

another term for market risk is non-diversifiable risk.

It is the risk in financial market or in market general which exists due to factors which are beyond the control of humans or the people working in market and that;s why risk free rate use in market is only exists there to protect the investors from that systemetic risk. This is the risk other than systematic risk and which is due to factors directly controllable by the people dealing in market and market risk premium rate is paid due to compensate this type of unsystematic risk in market.

Total Risk = Systematic Risk + Unsystematic Risk

Market Risk. This is the potential financial loss due to adverse changes in the fair value of a derivative. Market risk encompasses legal risk, control risk, and accounting risk.