| Detail | For this role |
|---|---|
| Department | Insurance |
| Level | Senior management |
| Reports to | Chief Risk Officer |
| Direct reports | Underwriting Manager, Underwriter |
| Experience | 15+ years in underwriting with portfolio leadership |
Head of Underwriting job description template
Copy this job description, replace the text in square brackets and post it on your careers page or a job portal.
Job title: Head of Underwriting
Department: Insurance
Reports to: Chief Risk Officer
Location: [City], [office, branch or site]
About the role
A Head of Underwriting leads risk selection and pricing acceptance for an insurer, deciding what risks the company takes and on what terms. They set underwriting policy and authority limits, lead the underwriters, and own the loss ratio and portfolio quality. The role reports to the Chief Executive Officer or Chief Risk Officer. A good head of underwriting keeps the loss ratio healthy, selects risk well without turning away good business, sets clear guidelines and limits, keeps turnaround fast for the sales channels, and balances growth with profitability.
Key responsibilities
- Set underwriting policy, guidelines and authority limits across product lines.
- Own the loss ratio and profitability of the underwritten portfolio.
- Decide acceptance, terms and pricing on large and complex risks.
- Balance risk selection with growth so good business is not turned away.
- Keep underwriting turnaround fast so the sales channels are supported.
- Lead and develop the underwriters and underwriting managers across the product lines.
- Review portfolio mix and act on segments running poor loss ratios.
- Coordinate reinsurance treaties and facultative placements for large risks.
- Ensure underwriting stays compliant with regulation and internal norms.
- Report portfolio quality, loss ratio and turnaround to leadership.
Requirements
- Graduate in any stream, insurance qualification an advantage
- Deep underwriting knowledge in the product lines
- Fellowship of the Insurance Institute is an advantage
- 15+ years in underwriting with portfolio leadership
KRAs and KPIs for a Head of Underwriting
Key result areas for the appraisal form, each with a KPI you can measure every month or quarter.
| Key result area | How to measure it |
|---|---|
| Loss ratio | Portfolio loss ratio held within the agreed target |
| Risk selection | Quality of risk selection above the agreed level on audit |
| Turnaround | Underwriting decisions within the agreed service time above target |
| Portfolio mix | Portfolio mix kept within the approved risk appetite |
| Profitable growth | Premium growth achieved without breaching the loss ratio target |
| Compliance | Underwriting audit findings kept below the agreed level |
Skills and tools
Tools used day to day: Underwriting workbench, Rating and pricing tools, MS Excel, Portfolio dashboards, Reinsurance systems.
Reporting line and career path
Next roles: Chief Risk Officer, Chief Underwriting Officer, Chief Executive Officer
Interview questions for a Head of Underwriting
- How do you keep a healthy loss ratio without turning away good business?
- How do you set underwriting authority limits across a team?
- How do you underwrite a large, complex risk you have not seen before?
- How do you act on a portfolio segment running a poor loss ratio?
- How do you keep turnaround fast for the sales channels?
- How do you balance growth pressure with sound risk selection?
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What does a Head of Underwriting do?
A Head of Underwriting leads risk selection and pricing acceptance for an insurer. They set underwriting policy and authority limits, decide terms on large risks, and own the loss ratio and portfolio quality. They balance growth with profitability, keep turnaround fast for sales, and lead the underwriting team.
What is a loss ratio in insurance?
A loss ratio is the claims an insurer pays as a share of the premium it earns. A lower loss ratio means the underwritten business is more profitable, while a high one signals poor risk selection or pricing. A Head of Underwriting manages the loss ratio across the portfolio.
What is the difference between underwriting and claims?
Underwriting decides which risks to insure and on what terms and price, before a policy is issued. Claims handles what happens after a loss, assessing and settling what is owed. Underwriting controls risk going in; claims manages the cost coming out. Both drive the insurer profitability.