Cargo Underwriting in Practice 1

In this sheet, you will find:



General Risk Factors: The Insured

Framework Overview:


1. Customer Relationship
• New Customer: Establish initial risk profile, requires more in-depth review.
• Existing Customer: Review historical data, claims, and cooperation level.

2. Legal Status & Longevity
• Legal Form: Corporation, partnership, sole proprietorship.
• Business Longevity: Duration in current business indicates stability and experience.

Etc

Application Framework:


1. Identification & Categorization
• Classify the insured based on the relationship, legal form, and business type.
• Use a checklist or matrix for quick categorization.

2. Assessment Tools
• SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats): For evaluating company size, profitability, and risk management practices.
• PESTLE Analysis (Political, Economic, Social, Technological, Legal, Environmental): For assessing location-based risks.

Etc

Stay tuned for the next release in the series.

Do you consider all these when underwriting?