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Insurance underwriters

£18,200 Average salary at age 20
£44,200 Average Salary
36 Average hours per week

Description

Insurance underwriters identify and measure the risks associated with an activity, determine whether this risk is insurable and issue insurance polices which provide financial compensation in the event of loss.

Main Tasks

  • Receives and assesses proposals and propositions for insurance from brokers and clients;
  • Identifies and evaluates the risks associated with a proposal;
  • Liaises with insurance surveyors, actuaries and risk managers where the risks associated with a proposal are not clear;
  • Calculates premiums, provides quotations and, if acceptable to the client, issues policies;
  • Ensures that the insurance policy clearly defines the liabilities accepted and any exceptions or exclusions;
  • Negotiates terms of reinsurance contracts.

Qualifications

There are no formal academic requirements, although many employers expect entrants to study for and attain the associateship examinations of the Chartered Insurance Institute. Entrants to professional examinations usually require GCSEs/S grades and A levels/H grades, an Advanced GNVQ/GSVQ Level III, or a BTEC/SQA award.

What Insurance underwriters studied in higher education

A text alternative for this canvas pie chart is provided in the data table below
What Insurance underwriters studied in higher education
Occupation Percentage Value
(L4) Social policy1
(L7) Human & social geography5
(G1) Mathematics6
(W2) Design studies2
(L3) Sociology2
(C1) Biology1
(H3) Mechanical engineering1
(C8) Psychology2
(V3) History by topic2
(F7) Science of aquatic & terrestrial environments1
(W3) Music1
(F6) Geology2
(F8) Physical geographical sciences2
(C7) Molecular biology, biophysics & biochemistry1
(Q3) English studies3
(L2) Politics5
(R1) French studies1
(N5) Marketing1
(M1) Law by area1
(M2) Law by topic5
(N8) Hospitality, leisure, sport, tourism & transport1
(F3) Physics2
(L1) Economics8
(N1) Business studies10
(X3) Academic studies in education1
(V6) Theology & religious studies1
(N4) Accounting2
(C6) Sport & exercise science1
(C3) Zoology1
(P3) Media studies1
(N2) Management studies8
(V1) History by period5
(N3) Finance6
(L6) Anthropology1

UK Prospects

36200 Workforce Size
6.33% Predicted growth 2021 - 2027
7477 Predicted Replacement 2021 - 2027

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