What is Risk Assessment?

Risk assessment, also known as underwriting, is a method used by insurers to assess the risks associated with an insurance policy. This helps in calculating the right premium for an insurer.

How Insurance Underwriting Works?

Underwriters are trained insurance professionals who understand risks and know how to prevent them. They have specialized knowledge in risk assessment. They use their expertise and information base to decide whether to insure something or someone - and at what cost.

Insurance underwriting involves assessing the factors that determine a potential customer's risk profile. The specific factors depend on the type of insurance you are applying for. These are the most common factors:

  • Type of business
  • Age of business
  • Financial characteristics (size, sales, assets)
  • Prior financial behavior (credit score, bankruptcies)
  • Condition of property
  • Prior insurance claims
  • Safety / security systems
  • Loss-prevention practices

After understanding these factors, he or she will try to determine whether your company has any risk factors that might affect your choice as a buyer of a particular type of insurance.

Why choose Jubiliant for Risk Assessment?

We at Jubiliant have the necessary expertise and systems to assess the risk of Person, Vehicle, Goods, Homes, and more. We will analyse the factors of risk and help you choose the best policy to cover your risk.