RISK MANAGEMENT OF INSURANCE COMPANIES IN THE CONTEXT OF ECONOMIC SECURITY

Abstract

Main factors of objective inclusion of insurance in the system of economic security as a tool targeted risk management by providing with a minimum level are examined. Two basic directions of risk management insurance company: management of insurance accepted risks, aimed at reducing insurance claims of insurance company in future; risk management business of the insurance company in order to minimize possible losses from ill-considered decisions. New kinds of risks in the insurers due to the increasing liberalization of the domestic insurance market and the increased presence of insurance companies with foreign capital: risk of losing financial stability and crowding out small national insurance companies, the outflow of capital in the international financial markets, price dumping by large foreign insurers, the reduction of highly managerial personnel because of the concentration of the majority of technological functions in the foreign offices, increasing the sensitivity of national insurance markets to fluctuations in the world market are discovered. Principles of risk management of insurance in the context of economic security, the basic meaning of which is to the optimal combination strategy of risk management tools such as the retention of the risk on their own insurance, transfer of risk to reinsurers for reinsurance and reinsurance pools, reducing insurance risks through diversification, limiting its own retention of risks and the implementation of preventive measures of insurers at the request of the insurer are grounded. Comprehensive approach to risk management insurance company in the context of economic security is suggested, which includes : increasing regulatory requirements for authorized capital and insurance reserves , quality, type and structure of the insurer's assets , the development of reinsurance operations through the creation of professional reinsurance companies and reinsurance pools on hazardous risks increased state control over the activities of insurers in order to prevent illegal financial schemes and violations in the insurance of certain types of risks, increase the requirements for the preparation of actuaries , underwriters and lawyers.