Corporate governance practices differ due to the nature of the insurance industry, board composition, independent directors and risk-taking characteristics. And the company follows corporate governance standards in one form or the other in accordance with the laws, guidelines, codes of ethics and corporate social responsibility in force in the country. The extent to which a company adheres to good corporate governance shows its honesty in compiling financial documents. Corporate governance also includes risk management, because for some insurance companies, risks cannot be diversified and therefore their business is always in a risky position. Adherence to governance standards simplifies risk in these businesses in the form of lenient regulations, stakeholders, and government support. Thus, the following studies will reveal the ever-increasing importance of corporate governance and risk management in the insurance sector (Bansal,