Custodian of wealth: an assessment of insurers’ risk management practices

Danish Ahmed, Hu Xuhua, Yuantao Xie, Mohammed Abdel-Haq and Zhang Lijuan

Economic Research-Ekonomska Istraživanja, 2023, vol. 36, issue 3, 2175006

Abstract: Unlike the banking industry, the insurers’ risk management framework (RMF) is not governed internationally. For this reason, their risk management (RM) practices are not comparable. We surveyed insurance personnel regarding understanding risk and risk management (URRM), risk identification (RI), risk assessment and analysis (RAA), risk monitoring (RMON), and risk management practices (RMP). These insurance personnel were working at various hierarchical levels in life and non-life insurance. These insurers were operating in developed and emerging insurance market. We took USA and UK insurers as a proxy for developed insurance market. Meanwhile, Chinese, and Pakistani insurers were substituted for emerging insurance market. We analyzed the data through descriptive statistics and an ordered logit model. Our results showed that insurers’ RM is stronger, but large differences exist at the hierarchical, insurer type and country levels. Apart from policy implications, our findings suggest that to achieve sustained competitive advantage insurers should minimize these differences.

Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/1331677X.2023.2175006 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:reroxx:v:36:y:2023:i:3:p:2175006

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/rero20

DOI: 10.1080/1331677X.2023.2175006

Access Statistics for this article

Economic Research-Ekonomska Istraživanja is currently edited by Marinko Skare

More articles in Economic Research-Ekonomska Istraživanja from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().