How is possible to manage many numerous risks, in order to achieve human as well as environmental wellbeing, and to form modern insurance industry? This issue is very modern and it requires rational answers. Also, this is field of scientific research. Research results are commonly used by law regulative as row model for the profession and practice. Is mentioned line we can identify challenges in insurance sector. What are the characteristics of these challenges in developed and developing countries? What is the behavior of countries that are liders and those that are not? What are financial components, and what are social and personal effects of the modern insurance industry development? Insurance sector always has its own clear mission: to achieve as high as possible level of spiritual and material safety of the person insured. The vision should be achieving as high as possible level of spiritual and material safety of the person insured in real environment. Mission and vision of the insurance continuously transformed industry from everyday human activity to modern industry. This trend can not be stopped, because we are able to identify more and more risks every day and their identification, processing and management is more challenging. Two components are very important: financial and social. Developed countries formed the insurance industry as powerful and respectful sector that is important part of financial market. Its users are hundreds of millions of citizens and companies. Financial effects of life insurance are much higher that those of non-life. Developing countries has no alternative than to follow, as quickly as they can, the developed countries path. That should make easier building own insurance industry. Globalization, controlled liberalization and all migration movements are additional and unavoidable factors that support insurance challenges. What is the suggestion for small, not enough developed countries as Bosnia and Herzegovina or all countries of ex-Yugoslavia? Basic scientific truths in this field are continuous: probability theory and great numbers law, actuarial calculus based on relevant empiric research. Insurance challenges start with actuarial calculus and data needed. That follows portfolio formulation and investment of temporarily available funds. That means participation of insurance companies at financial markets as financial intermediates. How these challenges are present and how is possible to manage them in insurance sector of developed and developing countries as Bosnia and Herzegovina?
insurance, risks, developed countries, developing countries
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