An Introduction to Insurer Strategic Risk Topic 1: Risk Management of an Insurance Enterprise

The GIRO Working Party goes on to clarify what strategy is not:

1. Strategy goes beyond pure business planning and, in particular, considers a wider breadth of issues. Formulating a companys strategy requires an understanding of the market it is competing in, where it sits relative to its competitors and how it will compete and outperform its rivals.

2. Strategy is also not tactics; the two are often confused. Tactics tend to be shortterm measures and are described in significant detail. Strategy is broader themes/features/styles that a company may want to exploit.