Underwriter: Cyber Risks

Overview

We have an exciting opportunity for an Underwriter:
Cyber Risks based in Illovo Sandton.

The successful candidate will be responsible for providing technical expertise and underwriting cyber risks across a variety of industries and client segments, supporting the development and profitable growth of Santam’s cyber insurance portfolio.

• Risk Assessment & Underwriting
  • Analyse and assess new and renewal submissions for Cyber Risk insurance with a focus on exposures including ransomware, data breach, business interruption, and network security liabilities.
  • Apply deep technical knowledge of cyber risk exposures and evaluate the likelihood and potential severity of cyber threats.
  • Determine appropriate coverage terms, limits, and pricing strategies using proprietary underwriting models, market data, and broker insights.
  • Ensure alignment with Santam’s cyber risk appetite
    , pricing tools, and underwriting guidelines.
  • Structure bespoke cyber insurance solutions where standard wordings are inadequate.
• Broker and Client Engagement
  • Develop and maintain strong broker relationships to position Santam as a market leader in Cyber Risk underwriting.
  • Present and explain cyber coverage to brokers and clients, providing training and insight where needed to enhance cyber risk awareness.
  • Attend renewal and new business meetings; negotiate terms and close deals effectively.
• Portfolio Management
  • Monitor the performance of the cyber portfolio (e.g. hit ratios, profitability, loss trends) and provide insights into emerging threats and risks.
  • Work collaboratively with the Head
    : Cyber Risks to ensure product relevance and continuous development of cyber wordings and endorsements.
  • Deliver underwriting reports and updates to management for decision-making and strategy refinement.
• Internal Collaboration
  • Collaborate closely with claims, actuarial, legal, IT security, and reinsurance teams to manage risk holistically.
  • Participate in product development initiatives and cross-functional projects, including those related to cyber risk modelling and incident response readiness.
  • Contribute to the development of underwriting tools, training material, and knowledge-sharing resources.

• Bachelor’s degree in risk management, Law, Insurance, IT Security, Finance or related field (LLB,
  
  B.Comm or similar).
• Cyber Insurance underwriting experience (
  minimum 2–3 years
  ) essential.
• Broader knowledge of specialist insurance products and underwriting
• FAIS compliant with RE5 qualification
• Strong understanding of global and local cyber risk landscape, threats, and regulatory frameworks (e.g. POPIA, GDPR).
• Proficient in Microsoft Excel, Word, PowerPoint, and data tools.

• Technical Expertise
• Analytical Thinking
• Communication & Influence
• Commercial Acumen
• Cyber risk landscape, threat actors, and mitigation practices.
• Global and South African data protection regulations and liability trends.
• Reinsurance and its application in cyber risk underwriting.
• Short-term insurance principles and underwriting standards.
• Financial and operational risk implications of cyber incidents.