Insurance Underwriter Interview Questions

1.1Insurance principles - insurable interest, utmost good faith, indemnity, and subrogation

1.2The underwriting function - assessing risk, setting terms, and the commercial role in an insurance business

1.3Types of insurance - property, casualty, liability, life, and specialty and the underwriting differences

1.4The insurance market structure - Lloyd's, the London market, brokers, MGAs, and how business flows

2.1Risk identification - understanding all the exposures in a risk and asking the right questions

2.2Risk evaluation - quantifying the likelihood and severity of loss for a given risk

2.3Underwriting information - what the underwriter needs to assess a risk and how to obtain it

2.4Risk quality - how underwriters distinguish between preferred and non-preferred risks

3.1Technical pricing - using actuarial data, loss history, and exposure to calculate a technically adequate premium

3.2Market pricing - balancing technical requirements with market conditions and competitive positioning

3.3Rate adequacy - ensuring the premium is sufficient to cover expected losses and expenses

3.4Premium calculation - the factors, adjustments, and modifiers that build the final premium

4.1Policy structure - declarations, insuring agreements, exclusions, and conditions

4.2Coverage analysis - interpreting policy wording and understanding what is and is not covered

4.3Endorsements and modifications - how policies are amended to meet specific client needs

4.4Coverage disputes - common areas of coverage ambiguity and how they are resolved

5.1Property underwriting - physical damage, business interruption, and the property risk assessment

5.2Liability underwriting - public liability, employers liability, and professional indemnity

5.3Casualty underwriting - motor, accident, and general casualty classes

5.4Specialty and complex risks - marine, aviation, cyber, and the specialist underwriting markets

6.1Broker management - building and maintaining productive broker relationships

6.2Negotiating with brokers - terms, pricing, and managing the broker-underwriter commercial relationship

6.3Understanding the client's risk - how underwriters get the information they need through the broker

6.4Winning and retaining business - the commercial dimension of underwriting and portfolio growth

7.1Portfolio analysis - understanding the mix, aggregation, and profitability of the underwriting book

7.2Accumulation management - monitoring and managing concentration of risk in the portfolio

7.3Underwriting authority - working within delegated authorities and the governance around it

7.4Technical profitability - loss ratios, combined ratios, and measuring underwriting performance

8.1Claims and underwriting interaction - how underwriters use claims data to refine their risk assessment

8.2Large loss analysis - understanding the causes and costs of significant losses

8.3Reserving basics - how claims reserves are set and the underwriter awareness of reserving adequacy

8.4Using claims trends to improve underwriting - the feedback loop from claims to risk selection

9.1Insurance regulation - the FCA and PRA framework for insurance in the UK

9.2Solvency II basics - the capital requirements and governance framework for insurers

9.3Data and information governance - the FCA requirements around customer data and fair treatment

9.4Sanctions and financial crime - the underwriter obligations around sanctions screening and anti-money laundering

10.1Technical questions - risk assessment, pricing, coverage, lines of business, and portfolio management

10.2Case study questions - assessing a risk and recommending terms under interview conditions

10.3Commercial questions - demonstrating understanding of the market, the broker relationship, and the commercial pressures

10.4Salary negotiation, evaluating an underwriting team, and questions that reveal the authority levels, classes, and development opportunities in the role