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 norms in one form or the other as per the prevailing laws, guidelines, code of ethics and corporate social responsibility in the country. The extent to which a company adheres to good corporate governance demonstrates its honesty in compiling financial records. Corporate governance also includes risk management since for some insurance companies the risk cannot be diversified and therefore their business is always in a risky position. Adherence to governance norms brings about the simplicity of risk in such companies in the form of lax regulations, stakeholders, and government support. Therefore, the following studies will reveal the ever-increasing importance of corporate governance and risk management in the insurance industry (Bansal,