Who is a risk surveyor and how they support clients and underwriters

What is a risk surveyor?

A risk surveyor is a professional who evaluates potential risks in various environments. They assess properties, processes, and operations to identify hazards. This process is essential for insurers, underwriters, and clients. A risk surveyor gathers data, analyses it, and gives advice on how to manage or reduce those risks. This role is important in Nigeria where various industries face unique challenges, from flooding during the rainy season to infrastructure issues in Lagos and Abuja.

Why risk surveying matters in Nigeria and West Africa

Nigeria has a diverse economy, with industries ranging from oil and gas to agriculture. Each sector has its own set of risks. For example, in the shipping industry, the Apapa port in Lagos is often congested, leading to delays and increased costs. In property, unregulated building practices can pose fire risks. By employing a risk surveyor, businesses can understand their vulnerabilities better. This understanding helps insurers price their policies more accurately. In 2021, the Nigerian Insurers Association reported that risk-based pricing can save insurers up to 30 percent on claims.

How risk surveying works

The risk surveying process includes several key steps:

• Initial meeting: The risk surveyor meets with the client or underwriter to understand the scope of the survey.
• Data collection: The surveyor gathers information about the property or operation. This might involve taking photos, reviewing documents, and assessing current insurance policies.
• Site inspection: The surveyor visits the location to evaluate actual conditions. They look for hazards and identify areas where improvements are needed. This could include fire safety systems and security measures.
• Risk analysis: After gathering data, the surveyor analyses the findings. They assess the likelihood of risks occurring and their potential impact.
• Reporting: The final step is to write a report. This report outlines the risks identified and provides recommendations. Recommendations may include changes to operations or additional insurance coverage.

What to watch out for

When hiring a risk surveyor, ensure they have the necessary qualifications. Look for professionals who are accredited by relevant bodies such as the Chartered Insurance Institute of Nigeria (CIIN). It is essential they have experience in your industry. Not all risks are evident; some may only surface after a thorough inspection. Ongoing communication is vital; ensure the risk surveyor understands your specific needs.

What to do next

If you are a business owner, insurer, or underwriter in Nigeria, consider engaging a risk surveyor. Evaluating your risks can lead to safer operations and potential savings on insurance premiums. At Julimer Advisory, we provide expert risk surveying services tailored to the needs of clients across West Africa. Let us help you identify and mitigate your risks effectively. Contact us to find out more.