Improving risk management in (SMEs) insurance companies and adapting them to the Corona crisis

Hasan Makkawi () and Mamoun Walid Aridah ()
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Hasan Makkawi: The Bucharest University of Economic Studies (ASE)
Mamoun Walid Aridah: The Bucharest University of Economic Studies (ASE)

Smart Cities International Conference (SCIC) Proceedings, 2020, vol. 8, 79-89

Abstract: The organizations interest is to avoid the failure and collapse by keeping up with technological Improving risk management is important for insurance companies (SMEs) because it improves technology recognition, measurement, and risk handling, even with the continuous development in technology, risk management has become a state of uncertainty that we can measure through knowing the potential losses and gains, trying to reduce losses and trying to increase the gains, Which leads to more adaptation to technological development. Through The Impact of Uncertainty on Objectives that illustrates the lack of future information [1]. The SMEs insurers companies face many risks as the continued survival of small enterprises with low financial and non-financial resources are highly vulnerable to threats [2]. The use of a scientifically descriptive-analytical approach shows how insurance companies (SMEs) deal with the threat of the Coronavirus and how their risk management has evolved to confront Virus Corona using technology. The results show a statistically significant relationship, whether between risk management and keeping pace with technological development or between applying risk management steps. The results are expected to help increase the SMEs insurance companies knowledge of the concepts of risk, risk management, and insurance industries, and increase business performance, evaluate and discuss the concepts and steps of risk management and link them to the sector practical results.The conclusion is that applying risk management steps and keeping pace with technological development reduces all risks, helps the institution to sustain itself, and helps the economy to develop.

Keywords: risk management; insurance industries; New Firms; Startups (search for similar items in EconPapers)
JEL-codes: O35 (search for similar items in EconPapers)
Date: 2020
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