Measurement of Risk Culture in General Insurance Companies in India – An Empirical Validation Using a Causal Model

Steward Doss; Shalini Pathak Tiwari

doi:10.1515/apjri-2023-0055

Article

Measurement of Risk Culture in General Insurance Companies in India – An Empirical Validation Using a Causal Model

Steward Doss and Shalini Pathak Tiwari

Published/Copyright: April 16, 2025

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From the journal Asia-Pacific Journal of Risk and Insurance Volume 19 Issue 2

Abstract

This study first examines the dimensions of organizational risk culture as a latent factor, measures its robustness, and assesses its impact on risk management performance through empirical validation in the insurance industry context. Building upon existing literature, a conceptual model is developed with five exogenous factors – “leadership commitment and support,” risk governance,” “risk awareness and communication,” “competency and resources,” and “performance review and rewards’ as antecedents of organizational risk culture and risk management performance as an endogenous factor. Using a descriptive research design and a comprehensive thirty-one-item scale, we collected primary data from Indian general insurance companies to validate the causal model of risk culture using structural equation modeling (SEM). The results indicate that ‘leadership commitment and support’ is the foremost determinant of risk culture, followed by competency and resources, risk governance, and risk awareness and communication. The analysis further reveals that risk culture strongly impacts the risk management performance in the Indian insurance sector. In addition to demonstrating empirical evidence, the study also provides the risk culture assessment tool to risk management practitioners from the insurance industry.

Keywords: risk culture; insurance; risk governance; leadership; enterprise resource management; SEM

Corresponding author: Dr. Steward Doss, Professor, National Insurance Academy, 25, Balewadi, NIA Post Office, Pune-411045, India, E-mail: gdoss@niapune.org.in

Appendix: Operationalization of Constructs

Table 3a furnishes a comprehensive synopsis of the constructs employed in the survey, along with their respective operationalizations. The indicators are assessed utilizing a Likert-type scale consisting of five levels, ranging from “very low” to “very high.”

Table 3a:

Operationalization of constructs.

Construct	ID	Indicator/s
Leadership commitment and support	RL 1	The top management and the board members are well aware of the risk management initiatives of the company.
	RL 2	They are actively involved in determining the strategic objectives and risk appetite of the company.
	RL 3	The top management set clear expectations and strategic direction for risk management.
	RL 4	They provide the required support and guidance at times when it is required.
	RL 5	They give high priority and actively listen and provide valuable suggestions.
Risk governance	RG 1	The company has a clearly defined policy and measurable objectives.
	RG 2	The roles and responsibilities of chief risk officers and risk owners are well defined across the function at various hierarchical levels of the organization.
	RG 3	The company has clearly defined risk management processes and frameworks in place.
	RG 4	Every employee, including the chief risk officer and risk owners, is equally accountable if there are any risk violations.
	RG 5	The company has well-documented disclosure formats and reports (board approved).
	RG 6	The company follows all the important regulations and guidelines and has a good record of compliance.
Risk awareness and communication	AC 1	The employees are well aware of the various types of risks impacting the business of the company.
	AC 2	The employees are quite aware, discuss, and participate in the risk management practices of the company actively.
	AC 3	The risk management department provides periodic updates about the risk management initiatives of the company.
	AC 4	Major issues including large losses are timely reported to the top management.
	AC5	The operational and functional units have a good system (bottom-up) of reporting all the important risk information to their superiors.
	AC6	There is information sharing across the operational and or functional units laterally.
Competency and resources	CRR 1	The management and key personnel have the requisite knowledge and competence to ensure higher standards of risk management practices.
	CRR 2	People in every department are regularly trained in risk management.
	CRR 3	The company has developed key risk indicators for all major risks.
	CRR 4	The company has well-updated risk dashboards for each department.
Performance review and rewards	PMR 1	The roles and functions of the key personnel and risk owners are well aligned with the risk management function.
	PMR 2	The risk performance of the key persons and risk owners is actively linked to their job performance and evaluation.
	PMR 3	The risk performance of every person is well recognized and highly appreciated.
	PMR 4	Risk control and mitigation measures are encouraged and well compensated.
Risk management performance	RMP 1	All the important risks are identified and well-documented.
	RMP 2	The important risks are clearly described with the appropriate causes through the risk register.
	RMP 3	All the identified risks are adequately quantified and appropriately categorized (High/Medium/Low).
	RMP 4	All the major risks are classified with appropriate control or mitigation measures.
	RMP 5	Risk control and mitigation performances are regularly evaluated.
	RMP 6	Regular monitoring of the risk evaluation is done and reviewed thoroughly.

Table 3b:

Studies supporting dimensions and attributes of risk culture.

S. No.	Dimension based on the literature review	Previous studies	Key insights on the dimensions and attributes of risk culture
1	Leadership commitment and support	ISO 31000, Bushman et al. 2018; Committee of 2017; Fritz-Morgenthal, Hellmuth, and Packham 2016; Grieser and Pedell 2022; McGing and Brown 2014; Roeschmann 2014	1. Tone from the senior management 2. Awareness of risk management initiatives 3. Role and involvement in setting strategic objectives and deciding the risk appetite 4. Active listening, support, and guidance to employees
2	Risk governance	ISO 31000, Agarwal and Kallapur 2018; Agnese and Capuano 2021; Committee of 2017, Deloitte 2014; Fritz-Morgenthal, Hellmuth, and Packham 2016; McGing and Brown 2014; Owusu and Gupta 2024; Sheedy and Canestrari‐Soh 2023; Sheedy and Griffin 2018	1. Clear risk governance policy and measurable objectives 2. Defined roles and responsibilities for CROs and risk owners 3. Established risk management processes and frameworks 4. Accountability for risk violations among all employees 5. Well-documented disclosure formats and board-approved reports 6. Compliance with regulations and guidelines
3	Risk awareness and communication.	ISO 31000; Agarwal and Kallapur (2018); Braumann, Grabner, and Posch (2020); Bryce et al. (2016); Richter (2014); Rodriguez and Edwards (2015)	1. Employee awareness of business risks and engagement in risk management practices. 2. Timely reporting of major issues, including large losses, to top management. 3. Effective bottom-up reporting system within operational and functional units.
4	Competency and resources	ISO 31000; Branch 2019; Committee of 2017; González, Santomil, and Hoyt 2023	1. Key personnel’s competency in executing risk management activities 2. Regular training in risk management across all departments 3. Key risk indicators for major risks and risk dashboards
5	Performance review and rewards	ISO 31000; Committee of 2017; Ghafoori et al. 2023; Idrus et al. 2018; Sheedy, Zhang, and Tam 2019	1. Alignment of risk owners’ roles with risk management function 2. Active linkage of risk performance to job performance and evaluation for key personnel and risk owners 3. Encouragement and compensation for risk control and mitigation measures
6	Risk management performance	ISO 31000; Bockius and Gatzert 2023; Committee of 2017; Ghafoori et al. 2023	1. Identification and documentation of all important risks 2. Classification of major risks with appropriate control or mitigation measures 3. Regular evaluation of risk control and mitigation performances

Table 4:

Descriptive statistics and results of factor analysis.

Construct	Variable	Mean	Standard deviation	Correlation	Factor loading	Cronbach alpha
Leadership	Awareness	3.85	0.99	0.702	0.457	0.848
commitment	Strategy and appetite	3.60	1.10	0.595	0.506
and support	Risk directions	3.55	1.13	0.647	0.66
	Support and guidance	3.33	1.13	0.794	0.641
	Listening and suggestion	3.28	1.11	0.601	0.565
Risk governance	Policy and objective	3.83	1.00	0.625	0.52	0.798
	Defined roles	3.53	1.05	0.752	0.617
	RM process and system	3.50	1.07	0.582	0.571
	Accountability	3.23	1.22	0.457	0.557
	Disclosure and reports	3.78	1.15	0.615	0.578
	Compliance	4.07	1.00	0.344	0.902
Risk awareness	Types of risks	3.00	1.03	0.305	0.720	0.799
and	RM practices	2.79	1.10	0.681	0.779
communication	Report losses	3.71	1.09	0.482	0.749
	Communication	3.27	1.07	0.600	0.706
	Bottoms UP	3.31	1.15	0.675	0.475
	Sharing information	3.13	1.11	0.622	0.555
Competency and	Knowledge	3.52	0.99	0.497	0.501	0.823
resources	Training	2.70	1.22	0.650	0.699
	KRI	3.17	1.14	0.727	0.681
	Dash boards	3.09	1.21	0.731	0.732
Performance	Roles aligned RM	3.31	0.98	0.734	0.656	0.882
review and	Risk performance linked	3.09	1.04	0.769	0.673
rewards	Risk recognition	2.93	1.04	0.768	0.748
	Mitigation reward	3.10	0.99	0.710	0.726
Risk management	Risk identification	3.43	1.06	0.708	0.552	0.92
performance	Risk register	3.23	1.16	0.820	0.661
	Risk quantification	3.34	1.16	0.780	0.631
	Control and mitigation	3.36	1.01	0.823	0.636
	Risk perf evaluation	3.26	1.13	0.803	0.580
	Risk monitoring	3.21	1.08	0.723	0.692

Table 5:

SEM model fit summary.

A summary of the Structural Equation Model (SEM) fit statistics that were used
to evaluate the model’s goodness-of-fit is presented in the tables below.
a: CMIN
Model	NPAR	CMIN	DF	P	CMIN/DF
Default model	150	737.551	591	0.000	1.248
Saturated model	740	0.000	0
Independence model	74	4,281.003	666	0.000	6.428
b: Baseline comparisons
Model	NFI Delta1	RFI rho1	IFI Delta2	TLI rho2	CFI
Default model	0.828	0.806	0.960	0.954	0.959
Saturated model	1.000		1.000		1.000
Independence model	0.000	0.000	0.000	0.000	0.000

c: Parsimony-adjusted measures
Model	PRATIO	PNFI	PCFI
Default model	0.887	0.735	0.851
Saturated model	0.000	0.000	0.000
Independence model	1.000	0.000	0.000
d: NCP
Model	NCP	LO 90	HI 90
Default model	146.551	81.442	219.825
Saturated model	0.000	0.000	0.000
Independence model	3,615.003	3,411.903	3,825.463

e: FMIN
Model	FMIN	F0	LO 90	HI 90
Default model	1.178	0.234	0.130	0.351
Saturated model	0.000	0.000	0.000	0.000
Independence model	6.839	5.775	5.450	6.111
f: RMSEA
Model	RMSEA	LO 90	HI 90	PCLOSE
Default model	0.020	0.015	0.024	1.000
Independence model	0.093	0.090	0.096	0.000

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Received: 2023-10-18

Accepted: 2025-03-22

Published Online: 2025-04-16

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https://doi.org/10.1515/apjri-2023-0055

Keywords for this article

risk culture; insurance; risk governance; leadership; enterprise resource management; SEM