If you have ever taken out a mortgage or invested in insurance for your car, you will likely have had dealings with an Underwriter. In essence, underwriters are insurance for the insurance companies themselves, reviewing each and every policy to decide how much risk is involved, establishing premium rates and writing policies to cover the risks.
As an underwriter specialising in the Marine industry, you will be part of a chain that collectively protects individuals and organisations from financial loss by assuming billions of dollars in risks every year. For a marine underwriter, there is a fine balance to be struck between being too conservative – which may push business away – and too liberal – where the insurance company could be crippled by excessive claims pay-outs.
Dealing with reinsurers and policy holders, an experienced marine underwriter will be permitted to authorise a high level of expenditure. Most underwriting positions call for education to degree level, usually in business, finance or law, excellent communication skills and good computer knowledge as the Internet and computer applications feature heavily when an underwriter is determining risk.
For Further Reading Visit: Marine Underwriters of America, American Institute of Marine Underwriters, The International Underwriting Association of London