What does an insurance underwriter do exactly?
The ‘underwriter’ would be the person who ‘covers’ the risk – so they would assess the risk, set the Insurance rates, ‘write’ the contracts and collect the fees. In these days of potentially huge claims, I would expect them to spread the risk out amongst other underwriters. Lloyds Syndicate underwriters are putting up their own money – so they need (I believe) at least £250,000 in ‘free’ assets (essentially money in the Bank) before they are permitted to underwrite any risks. I expect the large Insurance Companies would employ salaried underwriters, however I would also expect them to appoint / recruit experienced underwriters only. To gain experience you may have to start at a lower post – such as Insurance Sales Booking Clerk etc.
