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This paper provides information on the role of risk management in the insurance business. It presents different types of impacts that show us that every insurance company has to provide effective risk management process. Moreover, some major loss events in the history will be examined showing the possible outcomes. Willaims (2006) defined risk management in the following way: "Risk management aims to provide decision makers with a systematic approach to coping with risk and uncertainty" (Willaims, 2006). First, there is traditional risk management which focuses on financial risk and manages risks in individual cases. Next, there is enterprise risk management (ERM) which manages the risks as a package. ERM focuses not only on financial risks, but also on nonfinancial risks. Research Question of this paper is: "What is the role of Risk Management for Companies Economic Growth and Development for Insurance Sector?" To find the answer to research question we analyze all aspects of Risk Management. We provide information about Georgian insurance market and overview of companies. Also analyze impact on fund capitalization and economic growth.