RISK MANAGEMENT EFFECTIVENESS AND SUSTAINABLE DEVELOPMENT IN THE INSURANCE INDUSTRY: DECENT WORK AND ECONOMIC GROWTH (SDG 8)

Risk management has become a crucial factor influencing economic stability and the financial resilience of systems, particularly within the insurance industry. This study aims to examine the impact of risk management effectiveness on sustainable development in the insurance sector, with a special focus on supporting Sustainable Development Goal 8 (SDG 8: Decent Work and Economic Growth). The research develops and empirically tests an integrated framework linking risk management, ESG integration, risk governance quality, risk management outcomes, sustainable financial performance, economic growth performance, and organizational sustainability. A mixed-methods approach was employed, combining both quantitative and qualitative techniques. Quantitative data were collected through a structured questionnaire from 510 executives, risk managers, and sustainability officers working in insurance companies in Thailand. Structural Equation Modeling (SEM) was applied to test the hypothesized relationships among variables, while qualitative insights were gathered through in-depth interviews with industry experts to support the interpretation of the results. The findings reveal that risk management, ESG integration, and risk governance quality significantly enhance risk management outcomes. Furthermore, risk management effectiveness have a significant positive effect on sustainable financial performance and economic growth performance. However, risk management effectiveness do not directly influence organizational sustainability. Instead, sustainable development is achieved indirectly through improvements in sustainable financial performance and economic growth performance. These findings suggest that effective risk management practices strengthen financial resilience and promote economic growth, which ultimately contributes to long-term sustainable development.