Reinsurance underwriting assistant salary

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Reinsurance underwriting assistant salary

Reinsurance Underwriter Job Title: Treaty Reinsurance Underwriter Type of Company: Large global provider of insurance and reinsurance products. Reinsurance is insurance for insurance companies and is a way of spreading risk between a number of companies.

I have worked as a primary casualty underwriter and a facultative reinsurance underwriter. I make decisions on when to accept and how to price reinsurance transactions.

An example of what I mean would be what typically happens when someone insures a large building. It decides, on the contrary, to spread the risk around: I also do some selling, visiting other insurance companies and reinsurance brokers to offer my services and ask for reinsurance prospects to price.

reinsurance underwriting assistant salary

I do a fair amount of traveling, visiting clients and performing underwriting audits. The underwriting audits consist of looking at a sampling of files to determine if the company we are reinsuring is writing the types of business that they claim they are, and confirming they are following accepted industry procedures.

I have to have good understanding of the basics of insurance as well as reasonable math skills to understand the pricing methods for reinsurance. Best and Worst Parts of the Job: The best part of the job is that there is a lot of contact with clients and brokers.

Building long-term relationships is important in the reinsurance business. You look at a lot of unique and unusual situations that require reinsurance so it is not a job where there are simple answers to routine situations.

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The negative side is time away from home due to travel. At certain time of the year the travel can be quite heavy.

Another negative is that the individual reinsurance transactions can be complicated and documenting them for internal approval is often tedious. To pursue a career in reinsurance, it is best to get a good primary insurance underwriting background.

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Find Jobs Bachelor’s Degree with at least years experience as reinsurance underwriter. Background and experience with the Canadian reinsurance market is a plus. May coordinate the exchange of underwriting information between the reinsurance market and the underwriting staff.

May process monthly premium billing statements and other reports. Requires a high school diploma or its equivalent.

reinsurance underwriting assistant salary

Salary Information for Insurance Underwriters Insurance underwriters earned a median annual salary of $67, in , according to the U.S. Bureau of Labor Statistics. On the low end, insurance underwriters earned a 25th percentile salary of $51,, meaning 75 percent earned more than this amount.

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