Improving the financial risk management of insurance companies is of particular relevance due to economic instability and the growing scale of risks in this industry. The article identifies the main problems in improving the financial risk management of insurance companies, particularly the dynamic development of the insurance market, which requires insurance companies to adapt to new conditions; growth of risks in insurance activities associated with globalization, climate change, technology growth, etc.; insufficient development of the financial risk management system in some insurance companies. It is substantiated that effective financial risk management will allow an insurance company to reduce the likelihood of financial difficulties, provide sufficient financial resources to fulfill its obligations to insurers, and improve financial performance. A comparison of existing measures is made and new measures to improve the financial risk management of an insurance company to increase its financial reliability are proposed. An algorithm for an effective risk management system has been formed, which should include the development of measures to manage financial risks, implementation of the proposed measures, and monitoring the effectiveness of financial risk management.

New measures are proposed to improve the financial risk management of an insurance company to increase its financial reliability, including the use of innovative measures (artificial intelligence, blockchain, and artificial technologies).

An integrated risk management system (IRMS) has been built, which will include a comprehensive approach to risk management that will combine all aspects of the company's activities. The IRMS will allow to identify, assess, monitor and respond to risks more effectively.