£21,320
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
| Occupation | Percentage Value |
|---|---|
| (L4) Social policy | 1 |
| (L7) Human & social geography | 5 |
| (G1) Mathematics | 6 |
| (W2) Design studies | 2 |
| (L3) Sociology | 2 |
| (C1) Biology | 1 |
| (H3) Mechanical engineering | 1 |
| (C8) Psychology | 2 |
| (V3) History by topic | 2 |
| (F7) Science of aquatic & terrestrial environments | 1 |
| (W3) Music | 1 |
| (F6) Geology | 2 |
| (F8) Physical geographical sciences | 2 |
| (C7) Molecular biology, biophysics & biochemistry | 1 |
| (Q3) English studies | 3 |
| (L2) Politics | 5 |
| (R1) French studies | 1 |
| (N5) Marketing | 1 |
| (M1) Law by area | 1 |
| (M2) Law by topic | 5 |
| (N8) Hospitality, leisure, sport, tourism & transport | 1 |
| (F3) Physics | 2 |
| (L1) Economics | 8 |
| (N1) Business studies | 10 |
| (X3) Academic studies in education | 1 |
| (V6) Theology & religious studies | 1 |
| (N4) Accounting | 2 |
| (C6) Sport & exercise science | 1 |
| (C3) Zoology | 1 |
| (P3) Media studies | 1 |
| (N2) Management studies | 8 |
| (V1) History by period | 5 |
| (N3) Finance | 6 |
| (L6) Anthropology | 1 |
UK Prospects
45700
Workforce Size
2.85%
Predicted growth 2024 - 2027
3676
Predicted Replacement 2024 - 2027
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