EMERGENCY Alandia EN SEARCH RISK MANAGEMENT Alandia/About Alandia/Our business/Risk Management Alandia’s activities, both internal and external, are underpinned by a thorough Enterprise Risk Management System (ERM), ensuring we have the ability to identify, manage and monitor risk at every level of operation. Our ERM supports the execution of Alandia’s entire business strategy by aligning the legal requirements for insurance companies with the decisions made by the Board. Ultimate responsibility for creation and implementation of the ERM lies with the Alandia Board of Directors (the Board), which actively addresses and controls all risk-related issues to ensure we maintain a good position of solvency. Defined within the overall risk management policy document are the goals, limitations, responsibilities, measurements and principles for monitoring. In addition to the responsibility for the ERM, the Board also approves an annual Own Risk and Solvency Assessment (ORSA) to ensure that Alandia’s strategic decisions are made with a risk-based approach. This document is reviewed by both the Audit Committee (AC) and the Solvency and Investment Committee (SIC) before it is ratified by the Board. In order to ensure a good control environment, our corporate governance operates on a ’three lines of defense’ principle — that operate independently of one another: First line of defense: the risk owners Second line of defense: central functions for risk management, compliance and actuary Third line of defense: internal audit procedures The scope of our operation entails exposure to a wide variety of risks — the most prevalent of these risks are explained below: RISK SELECTION INSURANCE RISK MARKET RISK OPERATIONAL RISKS CREDIT RISK LIQUIDITY RISK RISK SELECTION RISK SELECTION Risk selection, i.e. the events and activities that we choose to protect against are important considerations for maintaining profitability. Alandia utilizes very specific processes to ensure that unsustainable risks are not covered. In statutory accident insurance, regulations mean that risk selection is not always possible, so the accuracy of the technical pricing models becomes incredibly important. Reinsurance is the main tool used to mitigate severe events. This is the process of sharing portions of our risk with third parties — lessening the impact attached to major claims. Our reinsurance structure is covered by several reinsurers, all of whom are subject to regular credit quality checks. Proper reserving methods are essential to ensure that our capital will cover all expected claims costs Our approach to reserving is conservative, to ensure that capital is available to cover our insurance obligations. Our reserve development is regularly analyzed and adjusted to ensure its role in our claims risk management. Alandia ABOUT ALANDIA Alandia, founded in 1938, is one of the leading insurance providers in the Nordic countries. We offer a broad variety of insurance services and products to the global commercial marine sector and boat insurance for consumers in the Nordics. We offer insurance services and products to the global commercial marine sector. OUR WEBSITES INTERNATIONAL SITE FRITIDSBÅT FINLAND/ÅLAND FRITIDSBÅT SVERIGE VENEVAKUUTUS SUOMI ALANDIA OFFICES MARIEHAMN Ålandsvägen 31 AX-22100 Mariehamn +358 18 29 000 info@alandia.com STOCKHOLM Vendevägen 85B, Plan 6, SE-182 91 Danderyd +46 8 505 884 80 info@alandia.com HELSINKI Itämerenkatu 1 FI-00180 Helsinki +358 20 52 52 580 info@alandia.com GOTHENBURG Lilla Önneredsvägen 66, SE-421 59 Västra Frölunda +46 (31) 49 20 60 goteborg@alandia.se Alandia Försäkring Abp This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. © Alandia 2021 Cookie policy Terms of use Privacy notice MEMBER OF We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies. However you may visit Cookie Settings to provide a controlled consent. Cookie settings Reject allAccept