Underwriting is the process insurers use to assess an individual’s risk in order to determine whether to offer coverage, under what terms, and at what premium rate. It involves evaluating factors like health, lifestyle, occupation, and financial situation to gauge the likelihood of a claim being made.

Liz Burke, Victoria Underwriting Chapter Lead at major insurer Zurich, and Yanish Geerdharry, Head of Risk Advisory Services at the Bongiorno Group, discuss the importance of underwriting. Fundamentally, it ensures that premiums are fairly set based on risk, protects insurers from excessive losses, and provides policyholders with clarity on what their insurance covers and excludes. This helps maintain a balanced and sustainable insurance system.

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