Marine Insurer
Nature of the Work
Marine insurance covers the loss and damage of ship cargo, terminals, ships and their property. There are four main types of marine insurance cover, namely:
• Marine Hull Insurance
• Marine Liability Insurance
• Marine Cargo Insurance
• Offshore / Energy

As a Marine Insurance Underwriter, you will ascertain whether applications for insurance cover (risks) should be accepted and the terms and conditions of the insurance cover. You will be required to:
• Examine documents to determine degree of risk from factors such as applicant financial standing and value, and condition of asset.
• Evaluate possibility of losses due to catastrophic or excessive insurance
• Review company records to determine the amount of insurance in force on a single risk or a group of closely related risks
• Authorise reinsurance of policy when risk is high
• Assess risks according to the likelihood of a claim by assessing a number of factors from detailed information about the prospective clients (policyholders)
• Work directly with clients, reviewing insurance applications to evaluate, classify and rate each risk to determine acceptability, coverage and pricing
• Analyse defined geographic markets, resources and processes to recommend appropriate action plans in response to loss, regulatory restrictions and competitive forces

Typical employers include:
• Commercial direct insurance companies (e.g. Lloyd’s syndicates)
• Protection & Indemnity Clubs
• Loss adjusting firms
• Reinsurance companies
• Shipping companies

Working Conditions
Working hours are usually normal office hours. You may be required to perform on-site visits when conducting assessment of risks. Overseas postings may be possible.

Qualification, Training and Advancement
Required: A bachelor’s degree

It is preferred if the individual has:
• A degree in business, economics, insurance, risk management, engineering, law or mathematics/statistics, AND/OR
• Domain knowledge of the maritime industry.

A typical career progression track for good performers can be:
Underwriterà Senior Underwriter (manages a team) -> Management position

Possible advancements or lateral movements include:
• Other core areas of insurance such as risk management (in shipping and maritime companies), insurance broking, claims or re-insurance

Personal characteristics & Core competencies
You should possess the following key traits:
• Analytical
• Highly numerate
• Ability to absorb technical information
• Ability to make sound judgment and decisions
• Ability to work with tight deadlines
• Have good initiative
• Strong interpersonal and communication skills
• Commercial acumen
• Strong grasp of English language

Job availability
Underwriters in marine insurance are in high demand due to the increase in shipping trade activities globally and the need for such specialised knowledge.

Earnings
Starting pay ranges from about $1,800 to $2,500, with competitive bonuses depending on performance.