Financial and insurance markets always operate under various types of uncertainties that can affect nancial positions of companies and individuals. In nancial and insurance theories these uncertainties are usually referred to as risks. Given certain states of the market, and the economy in general, one can talk about risk exposure. Any economic activities of individuals, companies and public establishments aiming for wealth accumulation assume studying risk exposure. The sequence of the corresponding actions over some period of time forms the process of risk management. Some of the main principles and ingredients of risk management are qualitative identi cation of risk; estimation of possible losses; choosing the appropriate strategies for.
