Risk is a 'freak' event. It can be termed as 'chance of loss'. It has only a negative effect on a business activity & carries a heavy cost. The principal control techniques in Risk Management are Risk Elimination, Risk Reduction, Risk Retention & Risk Transfer, which may take the form of an insurance contract. One of the greatest hurdles to the establishment of Risk Management programs has been the ingrained notion within the commercial world that insurance buying is, in fact, risk management. If we look at recent mega losses arising out of natural calamities, Fire & Accidental losses to oil rigs & human lives, it is proved beyond doubt that insurance is not Risk Management because it does not prevent accidents / incidents but merely helps to pay or indemnify costs incurred during those losses.
We, as Risk Management advisors, believe that a sound risk management program is a process of developing a long term, viable & mutually beneficial relationship between an insured & the underwriter
All Responsible Organisations choose an Insurance Broker to add value to their risk management program by bringing knowledge, skills & experience in identifying insurers for placement of risks & efficient claims management
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