Average Salary For Underwriters In South Africa

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.

Earn certification(s).

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.