Insurance for Companies
Every company, regardless of size or production type, needs to properly manage the uncertainty and risks of business activities, which involve a continual series of assumptions about the future.
On the one hand, there is the "business risk", i.e. uncertainty about whether the business will achieve the hoped for success with consumers, although this is not an insurable risk. On the other, there are the risks of uncertain and potentially damaging events that can also affect private individuals, albeit on a different scale and often of a quite different nature. Consider, for example, multinational companies with various plants across several countries, or even continents.
Sometimes there are specific commercial and industrial risks. The numerous typical risk scenarios include: the destruction of production facilities, the loss of transported goods, the non-recovery of acquired receivables, air and sea transport risks, and risks relating to the construction of major civil works. The risks to persons include accidents at work or while travelling, and pension and healthcare plans for employees and their families.
Developing suitable loss prevention strategies together with the company risk manager often requires complex and highly specialised studies. Similar complexity is involved in managing accidents, which can be classified as catastrophes.
To meet the needs of medium and large businesses, the Generali Group has developed the Global Business Lines, which via its two units Generali Global Corporate & Commercial (GC&C) and Generali Employee Benefits (GEB) is able to provide flexible, custom tailored insurance solutions in P&C and Life, health protection, and pension plans to local and expat employees of multinational companies.
The Group believes that the proactive integration of environmental, social and governance factors into the P&C underwriting process will support the achievement of both financial return and social good. In particular, clients and brokers viability analysis, including also ESG-related risks and opportunities, are performed at Group Legal Entity or Business Unit level before starting the underwriting process for new business or starting a cooperation with a new intermediary.
The Responsible Underwriting Group Guideline sets out the Group’s position and beliefs on responsible underwriting through the definition of a common P&C underwriting management framework across the Group in order to ensure the adoption of a responsible conduct and reduce the exposure with clients whose behaviors are not aligned with the Group’s principles set under the Group Charter of Sustainability Commitments.