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Insurance underwriter

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Insurance underwriters decide whether to insure a person or company, and set out the details of insurance policies.

Salary, a pound sign Salary: £15,000 to £100,000 average per year
Hours, a clock face Hours: 37 to 40 per week

1. Entry requirements

There are no set requirements. Experience as an underwriting assistant in a call centre could help you get a job.

A degree in business, maths or economics could help you get onto a graduate training scheme or an internship.

You could get into this job through an apprenticeship.

2. Skills required

You'll need:

  • maths and statistics skills
  • the ability to analyse complex information
  • negotiation and networking skills

3. What you'll do

You'll usually specialise in 1 of 4 areas:

  • life assurance – covering illness, injury and death
  • general insurance – covering household, travel or vehicles
  • commercial insurance – covering companies
  • reinsurance – where part of the risk's covered by another company

Your day-to-day tasks may include:

  • studying insurance proposals
  • gathering background information like medical histories
  • analysing statistics from actuaries and other sources
  • getting specialist risk assessments from experts like surveyors or doctors
  • assessing risk (the likelihood of an insurance payout)
  • calculating the price of insurance premiums
  • judging whether to share the risk with another insurer
  • preparing quotes and negotiating terms with brokers or business clients
  • writing policies
  • maintaining accurate and detailed records

4. Salary

Starter: £15,000 to £30,000

Experienced: £30,000 to £65,000

Highly Experienced: £70,000 to £100,000

Bonuses for personal or company performance are often included in the salary.

These figures are a guide.

5. Working hours, patterns and environment

You'll work standard office hours, Monday to Friday.

You'll work in an office. You may travel to meetings with insurance brokers or business clients.

6. Career path and progression

With experience, you could deal with more complex risks.

You could also move into management or apply for related jobs like risk management, loss adjusting and claims management.

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Last updated: 13 September 2018