PurposeThe purpose of this paper is to identify the relationships between risk management committee characteristics and risk taking of the Malaysia's insurance companies, from 2003‐2011. The paper aims to examine three identified characteristics of a risk management committee, namely, size, independence, and number of meetings.Design/methodology/approachThe sample comprises 329 observations throughout the nine years' time frame until 2011. Pearson's correlation, pooled ordinary least squares regression, and panel regression model are used in this study. Sensitivity testing with an alternative measure of underwriting risk is also performed.FindingsOut of the three characteristics, size and committee independence appear to be negatively associated with underwriting risk. Meanwhile, the frequency of risk management committee meetings is insignificant in this study.Research limitations/implicationsThe sample of this study is limited to the Malaysia's insurance sector only.Originality/valueA risk management committee is an influencing force for risk oversight and the internal control system. The empirical evidence enriches the understanding of corporate governance in the context of the role of a risk management committee.