Insurance underwriters

£44,321

Average salary

Average annual salary UK 2020 | Annual Survey of Hours and Earnings

36 hours

Average weekly hours

Average weekly hours UK 2019 | Annual Survey of Hours and Earnings

1.71%

Unemployment rate

Unemployment rate UK 2020 | Labour Force Survey

Definition: Insurance underwriters

*SOC Code (Standard Occupational Classification): 3533

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.

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, an Advanced GNVQ/GSVQ Level III, 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

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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.