Critical success factors for effective risk management procedures of the non-life insurance industry in the Philippines

Risk management is important for companies, but only a few studies have been conducted about it. This study focuses on which of the seven critical success factors, which are (1) commitment and support from top management (2) communication (3) culture (4) information technology (IT) (5) organization structure (6) training and, (7) trust, help make risk management more effective for the non-life insurance industry here in the Philippines. This study uses a quantitative method of a self-completion questionnaire completed by officers of selected non-life insurance companies along with interviews. Our findings tell us that commitment and support from top management were found to be most effective in the non-life insurance companies surveyed