Current Elements Regarding Risk Management in Insurance Companies

Abstract

Contemporary approaches regarding insurance risks are extremely dynamic, the more so considering that we are dealing with a complex field from the point of view of risks that one wishes to have covered as well as the multitude of insurance packages offered by insurance companies. Thus we can state that the specialized literature endeavors and succeeds in dealing with a field that is in no way easy to approach. The globalization of the insurance industry provides management with mechanisms for the proper evaluation and handling of risks, to reduce them to limits that are acceptable and supported financially by insurance companies. The present study proposes to analyze risk management from the point of view of the European Directives with respect to data protection and the risks that are generated by not respecting the regulatory unitary framework and the Standard regarding Information technology-Security Techniques –Information security risk management. In this sense, in the process of evaluating the risks that insurance distributors are subjected to, we have exemplified the method for evaluating risks by identifying threats, vulnerabilities and the impact on the companies’ financials.