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insurance

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Insurance

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Insurance underwriters

Work 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.

Qualification

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.

Job 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.

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Estimated Pay

Information on weekly pay (average, median and decile) is taken from a combination of two sources: the Annual Survey of Hours and Earnings (ASHE); and the Labour Force Survey (LFS) (both conducted by the Office for National Statistics (ONS)). ASHE is widely regarded as the most reliable source of information on Pay and Hours, however it does not include information on pay by qualification as well as some other characteristics (such as self-employment).

Unemployment Data

The level and rate of UK unemployment for this career path measured by the Labour Force Survey (LFS) as a percentage, using the International Labour Organisation's definition of unemployment.

Projected Employment Levels

Estimated Hours

Working with a wide range of Colleges and Training Providers

Companies We Work With