RISK MANAGEMENT IN INSURRENCE COMPANIES
Risk is in the essence of insurance business. However, insurance companies are faced not only with risks they accept from their policyholders as institutionalized risk pools, but also with many other risks that are familiar by other finacial institutions too. Besides that, insurance companies are faced not only with numerous new and emerging risks, such as burd flu virus, risks associated with new ifnromation and telecommunication technologies, rissk associated with corporate governance crisis, and so on, but also with changed appearance of “old’ risks such as hurricanes and terrorism. They must manage all risks in holisticaly in order to reduce aggregate risk they are faced with to the most acceptable level. Comprehensive risk management process, in ever increased complexity of the global economy, is the challenge for modern insurance companies. If they are able to cope with it effectively, able to manage all risks in an adequate manner, they can achieve greater risk resilience and with it, greater readiness to shakes of unexpected risk realisations.