Potential earnings
£61,872.04
Insurance underwriters identify and measure the risks associated with an activity, determine whether this risk is insurable and issue insurance policies which provide financial compensation in the event of loss.
Main tasks
- Negotiates terms of reinsurance contracts.
- Ensures that the insurance policy clearly defines the liabilities accepted and any exceptions or exclusions.
- Calculates premiums, provides quotations and, if acceptable to the client, issues policies.
- Liaises with insurance surveyors, actuaries and risk managers where the risks associated with a proposal are not clear.
- Identifies and evaluates the risks associated with a proposal.
- Receives and assesses proposals and propositions for insurance from brokers and clients.
Source: Office for National Statistics.
Salary and earnings
Average earnings
£30,817.77
Source: Office for National Statistics' Annual Survey of Hours and Earnings (ASHE).
Skills & knowledge
The top 5 most important skills and knowledge requirements relevant to this career.
Writing
Communicating effectively in writing as appropriate for the needs of the audience.
Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Active Learning
Understanding the implications of new information for both current and future problem-solving and decision-making.
Speaking
Talking to others to convey information effectively.
Learning Strategies
Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Clerical
Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Sales and Marketing
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
What course level do I need to study?
The level of study required will vary with each job, sector and company. The table below shows the level of study achieved by those currently working in this career choice.
Educational requirements: Level 3 NVQ; A Levels
Source: Office for National Statistics.
| Level of study | Percentage achieved |
|---|---|
| Level 0 | 2% |
| Level 1 | 5% |
| Level 2 | 16% |
| Level 3 | 30% |
| Level 4-5 (Higher Education) | 5% |
| Level 6 (Bachelors) | 34% |
| Level 7 (Masters or equivalent) | 8% |
Source: Labour Force Survey (LFS) data.
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Economic data for careers is provided by Lightcast and also available through our Career Coach app. Job postings, employment and earnings information is represented at the regional level for the East Midlands.
