£44,200
Average Annual Pay
Annual Survey of Hours and Earning 2020
36
Average Weekly Hours
Annual Survey of Hours and Earning 2019
1.71%
Unemployment Rate
Labour Force Survey 2020
Future employment projections (Working Futures UK)
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.
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.Typical 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.
Common job titles
Inspector, business, new (insurance)
Controller, underwriting, insurance
Underwriter, insurance
Underwriter, mortgage
Leader, team (insurance)
Member of Lloyds
Underwriter, commercial
Underwriter
Inspector, chief (insurance)
Handler, account, insurance
Executive, underwriting
Inspector, district (insurance)
Inspector, life (insurance)
Inspector (insurance)
Handler, accounts (insurance)
Agent, underwriter's
Underwriter, medical
Inspector, insurance
Handler, account (insurance)
Handler, insurance
Education background
Destination of Leavers survey, supplied by the Higher Education Statistics.
Compare Insurance underwriters with other careers
77/355
Ranked 77th out of 355 careers for highest average pay.
208/355
Ranked 208th out of 355 careers for the longest hours.
261/355
Ranked 261st out of 355 careers for highest unemployment rate.
Top industries: Insurance underwriters
Working Futures UK
Employment type
Gender breakdown
£800
Female average weekly pay
Annual Survey of Hours and Earning 2020
£900
Male average weekly pay
Annual Survey of Hours and Earning 2020
161/350
Gender pay gap ranking
Annual Survey of Hours and Earning 2020
Compare the Gender Pay Gap for Insurance underwriters with other careers.
Average weekly pay by age and gender: Insurance underwriters
Pay change between years
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Contact info
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