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Definition: Insurance underwriters
*SOC Code (Standard Occupational Classification): 3532
Insurance underwriters identify and measure the risks associated with an activity, determine whether this risk is insurable and issue insurance policies which provide financial compensation in the event of loss.
Common tasks include:
- 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, or a BTEC/SQA award.
*Introduced in 1990, SOC is a multi-purpose common classification of occupations in UK. Jobs are defined in terms of skill level and skill content, including qualifications, training and work experience.
Employment status: Insurance underwriters
Regional employment: Insurance underwriters
Future employment: Insurance underwriters
Top 12 industries: Insurance underwriters
Alternative & related job titles: Insurance underwriters
Account handler (insurance) Commercial underwriter Insurance inspector Mortgage underwriter Underwriter
Equality focus: Insurance underwriters
Breaking down the official government big data sources by gender, age and region. Hours and pay data based on full time equlivalent roles.
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Average pay per hour: Insurance underwriters
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Average pay per week (£): Insurance underwriters
Average weekly hours by UK region/nation: Insurance underwriters
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