UNWE Lecturer Published a Mongraph on the Ecological Insurance in the Chemical Industry

The monographic work Ecological Insurance and Corporate Security in the Chemical Industry by Assoc. Prof. Dr. Irena Markova was published.

The monograph is the result of author's profound interest and many years of work on the issues of eco-risk insurance and corporate risk management. The work of Assoc. Prof. Dr. Irena Markova is focused on the risk of terrorism in the sector as part of the environmental risks in the modern turbulent conditions. The subject of the research is the corporate security in the industrial enterprise as well as the relations between the insurance business and the chemical industry. The objective of the research is to study the ecological risks in the chemical industry enterprises in the context of the policy on environmental protection led by the European Union and Bulgaria.

Assoc. Prof. Dr. Irena Markova is a lecturer at the Human Resources and Social Protection Department of UNWE General Economics Faculty. Her publications are in the field of economics, organization and management of insurance as well as in the field of risk management. She is a lecturer in the following disciplines: Insurance Marketing, Risk Management, Property Insurance, Reinsurance, Insurance Controlling, Analysis of the Insurance Company Activity.

The main thesis of the research is that the effectiveness of eco-risk insurance of natural, anthropogenic, technogeneous and social nature would significantly increase the effectiveness of risk management in the industrial enterprise to ensure the corporate security in the chemical industry and the environmental protection.

In order to prove the formulated hypotheses Assoc. Prof. Markova presents in her monograph the results of a marketing study on consumer demand in the ecological insurance market in Bulgaria seeking expert opinion and assessments through a survey conduct among the members of the Bulgarian Chamber of Chemical Industry /BCCI/.

The objective of Assoc. Prof. Markova, on the one hand, is to consider the impact of ecological risks on the corporate security in the chemical industry enterprises. On the other hand, the influence of chemical industry on the environmental pollution and the possibilities for its protection are analyzed. In both cases the emphasis is on the advantages of ecological insurance in the corporate risk management as well as on its benefits and effects for increasing the corporate security of enterprises in the sector.

Ecological risks management in the context of corporate risk management is a new direction in the activities of industrial enterprise. At the same time the monograph of Assoc. Prof. Dr. Irena Markova shows that despite the benefits of ecological insurance in the chemical sector, the demand for insurance by the companies is still weak. The ecological risk insurance is a topic still insufficiently studied in the insurance theory. The system of expert assessments of ecological risks is the basis for the definition and implementation of adequate security measures. Among the possible alternatives, the insurance appears as a priority risk management tool in the chemical industry.

Based on the performed analyzes and set research tasks, conclusions and summaries have been formulated and author's recommendations regarding the ecological insurance development at the national insurance market have been grounded.

"The study of the interrelations between the types of security in society outlines the place of insurance security as an element and cross-section of the ecological and economic security of the business entity in the context of corporate security. For its part, the corporate security is a section of the national security of the state", says Assoc. Prof. Dr. Irena Markova and emphasizes that the “issue of ecological risk insurance becomes socially significant in the context of risk management opportunities of the legal entity. Achieving an ecological security and safety in the chemical industry should be an integral part of the corporate risk management of large, medium and small enterprises".

"A special merit of the current work is the disclosure of details of analytical expertise and the assessment of ecological risks, their sources in conditions of limited statistical information about the characteristics and dynamics of the related insurance process", says Prof. Dr. Tilcho Ivanov in his review. "The book will undoubtedly be useful for all those who follow the research and publications on corporate security and want to be oriented in the global, European and national regulations and the current state of ecological insurance in the chemical industry", outlines Prof. Ivanov.

"The monograph concerns an interesting topic as it considers the insurance as part of the security of chemical industry enterprises. The topic is challenging as from the point of view of industrial enterprises having in mind that the ecological and terrorist risks insurances are little known to them, as from the point of view of insurance companies. The work fills a gap in the risk management in the chemical industry enterprises as well as in the product policy of the insurance companies", points out also Prof. Dr. Boyan Iliev.

"The topic chosen by the author is of great relevance in the modern conditions. The monograph is the result of thorough and systematic efforts of the author. There is a very rich literary awareness and practical experience in the field. I believe that the publication will be very useful for researchers and practitioners working in the chemical industry", notes Assoc. Prof. Dr. Tsvetan Tsvetkov.