Scientific Papers


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ISSN: 2306-3483 (Online), 2071-8330 (Print)

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Alternative risk transfer in medium-sized and large companies: The case of Poland

Vol. 14, No 2, 2021


Grzegorz Strupczewski


Department of Risk Management and Insurance, 

College of Economics, Finance and Law, 

Cracow University of Economics,


Alternative risk transfer in medium-sized and large companies: The case of Poland

Michał Thlon


Department of Economics, College of Economics, Finance and Law Cracow, University of Economics,


Alina Klonowska


Department of Risk Management and Insurance, College of Economics, Finance and Law, Cracow University of Economics,





Abstract. The paper examines the application of alternative risk transfer (ART) in Poland. ART methods, enabling firms to transfer operational risks on capital markets, can be an interesting alternative to traditional insurance and reinsurance solutions, particularly in the catastrophic risk domain. Papers written to date on the ART subject have overwhelmingly focused on the West European and North American markets. Poland, as a post-communist country, can be an interesting example of an effective transformation of the national economy from socialism to capitalism. That’s why the identification of factors that stay behind implementation of modern risk management strategies, such as ART, is a relevant issue. In our research, we have identified the key characteristics of enterprises using ART tools as part of their risk management policy. The empirical studies were based on the data derived from a survey questionnaire carried out on the representative sample of 642 medium-sized and large enterprises operating in Poland. The survey was conducted in 2017 on a sample of Polish medium-sized and large companies. A log-linear analysis was used to identify the features characterizing the enterprises that use modern ART tools to manage risk. Numerous factors determine which companies are more likely to apply ART, but the most relevant one is the company size (number of employees). Considering, no similar research has been conducted among Polish enterprises, the results of presented study may be recommended for further development of the domestic market for alternative risk-transfer instruments.


Received: April, 2020

1st Revision: March, 2021

Accepted: May, 2021


DOI: 10.14254/2071-8330.2021/14-2/11


JEL ClassificationG22, G32

Keywordsalternative risk transfer, ART, insurance, risk management, corporate insurance