Abstract: “Better governance leads to better management”. This paper shall be useful for increasing the knowledge and awareness of how critical and crucial corporate governance is, especially after the financial crisis that led to a recession in the worldwide economy. This paper is an insight for corporate governance and risk management strategies adopted in different insurance industries across the globe. Because corporate Governance is not only mandatory but also recommended so that companies adhere to best practices. It will correlate the theories formulated for corporate governance and actual practices followed in insurance companies. This paper will brief out the existing literature on this topic along with the results derived from these studies. Finally, it will conclude with recommendations and suggestions based on existing studies.