An underwriter is a person or company that underwrites an insurance risk.
Underwriter Salary In South Africa
The average commercial underwriter salary in South Africa is R 300 006 per year or R 154 per hour. Entry-level positions start at R 240 000 per year, while most experienced workers make up to R 4 200 000 per year.
How do I become an underwriter in South Africa?
A bachelor’s degree in an appropriate field such as accounting, finance, law, economics, financial services, business science, or business administration provides a good background for a career in underwriting.
Much of the training takes place on the job through short courses and continuous professional education.
Is underwriting a stressful job?
The job itself is pretty much thankless and stressful.
It normally pays well though, so that can be an offset to the stress level.
As a P&C underwriter, you always need to be prepared for the day when a large loss will appear on a risk written by you.
How do I start a career in underwriting?
Earn a bachelor’s degree.
Obtain an entry-level position.
Complete on-site training.
Determine career goals.
Apply for advanced positions.
What skills does an underwriter need?
Underwriters need to develop and document analytical, quantitative, decision-making, verbal, writing, and presentation skills in order to be hired and successfully carry out their responsibilities.
Math skills: An understanding of statistics and probabilities is perhaps the most relevant math skill.
Who can become an underwriter of company?
One does not need a specific bachelor’s degree to become an underwriter, but courses in mathematics, business, economics, and finance are beneficial in this field.
A good underwriter is also detail-oriented and has excellent skills in math, communication, problem-solving, and decision-making.