Insurance Risk Management is a process of identification, assessment, prioritization and analyzing the possible uncertainty, unfortunate events and risks in any insurance policy. The basic purpose of this Risk Management is to minimize the risks about any insurance policy and to maximize the realization of opportunities. The risks can occur any time from any thing like, from project failures in markets, accidents, natural disasters, terrorism attack and legal liabilities. For risk management standards have been developed in different countries to identify the risks and all of these risks managements have different methods and goals etc. This Risk Management can happen at any time after any insurance policy have purchased. They identify the risks about loss and then take appropriate actions about to minimize the risks as the uncertain events and risks can resulted in significant losses about companies and individuals. To minimize these risks, mostly insurance companies made different strategies including, transferring threats to another party, reducing the effects and by avoiding the threats. But there are some risks, which are not measurable and not are improvable. The purpose of Insurance Risk Managements is to identified and minimize the risks, but in practical and actual life it is not possible for a person to completely identified the risks, so it is also not fully possible to completely minimize the risks, so they tried their best to identified and assess the risks, which creates the probability of occurrences of happening of risks at lower range. Risk Managements faced many difficulties in to find the risks and they also spent enough money to find the risks. So an Ideal Insurance Risk managements is that which completely find and identified the risks about insurance policy and spent less to find them. Simply Risk Management identified the risks and then handle those risks to minimize the losses and it occur in every where in world.