The adoption of an integrated system of risk management is fundamental to the achievement and maintenance over time of the elements that are at the core of the mission and vision of a company, allowing it to seize the opportunities offered by the context in which it operates, minimizing the adverse consequences of the risks inherent in the context itself.
Insurance Management is just a component, however important, of Risk Management, which is a much wider topic.
The transfer to third parties of the risk using the insurance contract is just one of the steps of the Risk Management process, which provides that the risk must be identified, analysed and measured and then minimized with techniques of elimination, prevention and protection.
Conceptually, the transfer is applied only to the “residual risk” that remains downstream of this process.
It is necessary an integrated and coordinated approach considering all the risks to help the company to take into account all available instruments for their management, achieving the objective of maximum protection with minimum overall cost.