Lessons from losses

Working closely together with our clients to prevent losses has always been an important part of If’s strategy.

Large losses can cause long disruptions to a company’s operations, as the attention shifts from fulfilling the business strategy to cleaning up and restoring operations. Efforts to secure new equipment to replace damaged ones, as well as purchasing raw materials and finding work crews to rebuild impacted facilities, can be more difficult than ever before. The process can often take months and sometimes even years. In addition, the company’s market share and their employees’ jobs are also at risk. 

Another part of this equation concerns the environmental impact. The environmental impact has always been a consideration when accidents happen, but it is only in more recent years that it has received the attention it deserves. Large losses will often have a significant impact on the local environment as well as contribute to increased carbon emissions. This can include, for example, when hazardous materials are spilled, or poisonous fumes are emitted alongside soot from a spreading fire, polluting the local environment. 

Investing resources in risk management, business continuity planning, security and safety is critical — not only for the reasons mentioned above; maintaining a reputation for taking these issues seriously is also critical for retaining customers trust in the company. 

As the largest insurer in the Nordics, we perceive it as a win-win when we work closely together with our customers to secure the best setup for managing risks and preventing losses. We also continue our efforts to help bring value-adding solutions to customers by sharing insights and lessons from losses and working to reduce the environmental impacts from a loss. 

In this issue

This issue of Risk Consulting Magazine will dive into some of the learnings we collect from losses. Gain new insights into U.S. liability, traveller and expatriate safety, and learn about our self-assessment tools. 

Written by

Poul Steffensen, Head of BA Industrial