Underwriting

An underwriter is an employee of a primary or reinsurer which is characterized risks to his insurance company, should flush hot insurance contracts. This process is called underwriting.

In the standardized retail banking business ( retail business ) is rarely spoken of underwriting, however, the same process takes place here. The function of the Underwriters assumes here the respective insurance clerk, filed with the application for the issuing of policies. In some cases, also the general agent locally decide (at certain coverage levels at least partially and up ).

Especially in business with industrial or generally large risks underwriting comes to its actual meaning. There are, according to versicherndem risk area and damage produced extensive advice and possible damage scenarios played out. The used for this purpose underwriter industrial and reinsurance companies are usually specialists, such as engineers, geologists, environmental specialists, lawyers, actuaries, etc.

The Originating in the 17th century concept of the Underwriters comes from England and is due to business practices in a coffee house. 1688 Edward Lloyd led a well-known coffee house in the City of London, came together in the regular merchants, shipowners, bankers and brokers for informal business meetings. These businessmen were prepared to use against appropriate premiums (contributions ) their private assets for the acquisition of marine risks, such as loss of cargo (piracy ) to the destruction of the ship. The shipowner went from businessman to businessman to "collect" a cover for their risk. Businessmen participated by stating a percentage and signed ( "to underwrite "). Thus the concept of the Underwriters emerged. Then in 1769, a group of privateers, the New Lloyd 's Coffee House, from which the company Lloyd 's of London has developed.

• Insurance
• Re-insurance