  In this paper, we obtain analytical expression for the distribution of the
occupation time in the red (below level $0$) up to an (independent) exponential
horizon for spectrally negative L\'{e}vy risk processes and refracted
spectrally negative L\'{e}vy risk processes. This result improves the existing
literature in which only the Laplace transforms are known. Due to the close
connection between occupation time and many other quantities, we provide a few
applications of our results including future drawdown, inverse occupation time,
Parisian ruin with exponential delay, and the last time at running maximum. By
a further Laplace inversion to our results, we obtain the distribution of the
occupation time up to a finite time horizon for refracted Brownian motion risk
process and refracted Cram\'{e}r-Lundberg risk model with exponential claims.
