Risk management is one of the most critical and important areas that affects every insurance company’s activity and development. The goal of the research is to identify and establish the most important parts of risk management with the aim to improve the insurance company’s reliability with the risk self-assessment. Also risk management is one of the most significant functions under Solvency II Directive framework. The methods chosen for conducting the research are: literature exploring, comparative methods, modeling, analysis, methods of expert evaluation.