The Contrast Between Enterprise Risk Management and Neoclassical Economics In Insurance Companies Focusing On Supplemental Health Insurance

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AALAEI MAHBOUBEH; Azizi Amiri Mohammad Mahdi; Khalighi Faramarz; Askari Maryam Sadat

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Journal Paper

Paper Information

Journal: IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH) Year:2020 | Volume:34 | Issue:4 Page(s): 129-159

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Title

The Contrast Between Enterprise Risk Management and Neoclassical Economics In Insurance Companies Focusing On Supplemental Health Insurance

Author(s)

AALAEI MAHBOUBEH | Azizi Amiri Mohammad Mahdi | Khalighi Faramarz | Askari Maryam Sadat | Issue Writer Certificate

Keywords

Insurance

Risk Culture

Enterprise Risk Management

Neo-Classical Economics

Analytic Hierarchy Process

Abstract

Objective: This paper examines the effect of Risk Culture on the performance of risk management in Insurance companies providing complementary health Insurance, in terms of neoclassical economics and Enterprise Risk Management. Methodology: The Analytic Hierarchy Process (AHP) was used in this study. Findings: The principles of risk management as well as four cultures-based theory of multiple rationality were presented and the principles of neoclassical economics and Enterprise Risk Management were analyzed for Insurance companies offering complementary health Insurance. The principles of "Enterprise Risk Management" with weight of 62. 1% has gained the highest rank compared to "neoclassical economics" with weight of 37. 9% in relation to overall goal. Also, "risk appetite" and "separate measurement and management of risk" criteria in selection of Enterprise Risk Management gained the highest weight compared to other criteria. Conclusion: The principles of Risk Culture is best compatible with the principles of Enterprise Risk Management, but this does not mean that the principles of Enterprise Risk Management and the neoclassical economy cannot be used simultaneously in a company. Generally, the Insurance companies choose a combination of these principles. In other words, Insurance companies select a combination of four approaches based on the theory of multiple rationality. Also, considering that the attitude of Central Insurance Organization of Islamic Republic of Iran to the risk strategy has the impact on the Risk Culture of Insurance companies, it is recommended that Central Insurance Organization adopts an optimal attitude according to the conditions and necessities of the Insurance industry.

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APA: Copy

AALAEI, MAHBOUBEH, Azizi Amiri, Mohammad Mahdi, Khalighi, Faramarz, & Askari, Maryam Sadat. (2020). The Contrast Between Enterprise Risk Management and Neoclassical Economics In Insurance Companies Focusing On Supplemental Health Insurance. IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH), 34(4 ), 129-159. SID. https://sid.ir/paper/653652/en

Vancouver: Copy

AALAEI MAHBOUBEH, Azizi Amiri Mohammad Mahdi, Khalighi Faramarz, Askari Maryam Sadat. The Contrast Between Enterprise Risk Management and Neoclassical Economics In Insurance Companies Focusing On Supplemental Health Insurance. IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH)[Internet]. 2020;34(4 ):129-159. Available from: https://sid.ir/paper/653652/en

IEEE: Copy

MAHBOUBEH AALAEI, Mohammad Mahdi Azizi Amiri, Faramarz Khalighi, and Maryam Sadat Askari, “The Contrast Between Enterprise Risk Management and Neoclassical Economics In Insurance Companies Focusing On Supplemental Health Insurance,” IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH), vol. 34, no. 4 , pp. 129–159, 2020, [Online]. Available: https://sid.ir/paper/653652/en

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