The Typology of Financial Risks as a Basis of Organization of Their Insurance Protection

Abstract

The article is aimed at disclosing the economic essence of financial risks and substantiating their typology as a basis of organization of their insurance protection. The article discloses features of classification of financial risks in modern conditions which are connected with ambiguity and absence of the universally recognized and comprehensive classification of financial risks that leads to formation of contradictory ways of risks management and their consequences, especially in the organization of their insurance protection. Various approaches to classification of financial risks are analyzed and it is determined that financial risks are an integral part of entrepreneurial risks and are subdivided into both derivative and direct risks, as well as net and speculative risks, depending on the consequences of risks and the possibility of their insurance. The typology of financial risks based on the division of entrepreneurial activity into different spheres is substantiated. A characterization of financial risks of economic entities (except financial market) and the types of financial risks of financial intermediaries is provided. At the same time the division of financial risks characteristic as of both spheres of activity, so of each of them separately, is carried out.

Keywords

• financial risks
• insurance
• typology of risks
• entrepreneurial risks
• financial intermediaries
• «net» risks
• «speculative» risks