In-Depth: Understanding Risk Surveys in the Insurance Industry

Risk surveys are the foundation of effective underwriting and a cornerstone of the insurance industry’s ability to respond to an increasingly complex risk landscape. In this episode, Tony is joined by Gavin Horne, Senior Underwriter at Renasa, with over 40 years of experience, to take a deep dive into why surveys matter and how they should be approached.

Gavin explains that a risk survey is not simply a step toward finalising terms, it is a comprehensive, evolving tool that allows underwriters to truly understand the risks they are being asked to cover. A proper survey considers everything from cyber security, data protection, fire safety and water supply, to hazardous processes, compliance with regulations, and even neighbouring businesses that might contribute to risk accumulation. “There is nothing that beats a visitation to the risk,” Gavin notes, underscoring the importance of detailed, on-site evaluations by qualified surveyors.

The discussion also highlights the roles of all stakeholders. Insurers initiate surveys and interpret reports, brokers act as advisors and relationship-builders, and clients must ensure senior decision-makers are present to provide accurate, high-level information. Surveys benefit all three: they allow underwriters to make informed decisions, help brokers demonstrate value and strengthen trust, and provide clients with both improved terms and reassurance that their risk management investments are recognised.

Crucially, Gavin stresses the value of pre-renewal surveys, even for well-performing risks, because they track business changes, validate improvements, and sometimes lead to more competitive terms. “The survey is a living document that progresses not only from the time of quote, but renewals and beyond,” he explains.

By fostering collaboration, trust, and a shared focus on risk reduction, surveys become much more than a compliance tool, they are a driver of resilience, fair pricing, and long-term partnerships across the insurance ecosystem.

Key Points

• Risk surveys are essential for accurate underwriting, fair pricing, and resilience.
• They go beyond quotations—covering cyber risk, fire protection, regulatory compliance, and neighbouring exposures.
• Pre-renewal surveys are as important as pre-quotation ones, tracking changes over time.
• Surveys benefit all parties: insurers (better decision-making), brokers (stronger advisory role), clients (improved terms and confidence).
• Collaboration, education, and transparency are crucial for effective surveys.