Implementation of Risk Management in Marine Hull Facultative Underwriting: A Case Study of PT XYZ Reinsurance Company

The marine insurance and reinsurance industry is characterized by high levels of uncertainty due to technical, operational, and environmental risks. In Indonesia, Marine Hull insurance plays a strategic role in supporting maritime transportation, yet it is also exposed to significant underwriting risks. Effective risk management in underwriting is therefore essential to ensure portfolio sustainability and underwriting performance. This study aims to analyze the implementation of risk management in Marine Hull Facultative underwriting at PT XYZ, measure the maturity level of risk management based on ISO 31000, and formulate improvement recommendations. This research employs a mixed method approach using questionnaires, Focus Group Discussions (FGD), interviews, and document analysis. The Risk Maturity Model (RMM) was applied to assess four attributes: risk management framework, risk culture, documentation, and underwriting systems. The findings indicate that the overall maturity level of underwriting risk management at PT XYZ is at the Preliminary Defined level. While risk awareness and underwriting documentation are relatively well established, weaknesses remain in system integration, audit follow up, and governance consistency. Strengthening system support, formalizing risk governance, and enhancing continuous improvement mechanisms are recommended to improve underwriting quality and reduce underwriting losses.