Nokia 2009 Annual Report Download - page 261
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33. Risk management (Continued)
Hazard risk
Nokia strives to ensure that all financial, reputation and other losses to the Group and our customers
are minimized through preventive risk management measures. Insurance is purchased for risks, which
cannot be efficiently internally managed and where insurance markets offer acceptable terms and
conditions. The objective is to ensure that hazard risks, whether related to physical assets (e.g.
buildings) or intellectual assets (e.g. Nokia) or potential liabilities (e.g. product liability) are optimally
insured taking into account both cost and retention levels.
Nokia purchases both annual insurance policies for specific risks as well as multiline and/or multi
year insurance policies, where available.
F87
Notes to the Consolidated Financial Statements (Continued)