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Underwriting
The role of an insurance underwriter is crucial in the insurance industry, as they are responsible for evaluating the risks associated with insuring individual, properties or public liabilities. Their primary task is to decide on the coverage and pricing of insurance policies manage reinsurance for car insurance ,fire insurance, accident and health insurance, marine and carrier insurance, miscellaneous insurance and various aspects. This involves analyzing a wide range of risk exposures, ensure the company can maintain profitability while offering competitive rates to customers.
What are accountabilities of this role?
- Assess the inherent risks associated with the policyholder in wide range type of policy, such as car, property, accident, transport, cybe and etc.
- Calculate premiums based on the level of risk, ensuring competitive yet sufficient to cover potential claims.
- Consider relavant risk indicator that may affect the likelihood of claims.
- Analyze previous claims history to predict future risks to determine the risk appetite of the company and the threshold for risk acceptance.
- Use actuarial data and statistical models to assess the financial impact of potential claims.
- Review regulatory requirements and ensure compliance with industry standards.
- Continuously monitor and adjust the risk assessment and premium calculation methods to reflect current data and trends.
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