ADD ADVICE TO FAVInsurance underwriter
Insurance underwriters work for insurance companies or for a syndicate at Lloyd’s.
What insurance underwriters do
- assess risks presented by clients on proposal forms or through negotiations with their brokers
- evaluate information given and ask more detailed questions where necessary
- make use of information available from actuaries
- take further expert advice in certain cases, eg from medical practitioners or surveyors
- decide whether, and on what terms, to accept risks
- specify exclusions or additional conditions on a premium, for example insisting that a householder takes steps to make property secure following a burglary
- often specialise in one area of insurance, such as property or motor.
Key skills
- ability to write clearly and without ambiguity
- numeracy
- communication skills
- ability to analyse and absorb information
- attention to detail
- initiative
- discretion.
Training to be an insurance underwriter
Graduates are normally expected to take the Chartered Insurance Institute’s examinations. There is no time limit for these, but most graduates complete them in three or four years.
Salaries
The typical starting salary for a new graduate entrant varies between £16,000 and £20,000, increasing with substantial experience to between £40,000 and £100,000. Professional underwriters at Lloyd’s of London can earn £300,000.
