“Assessor of risk and insurance coverage"
WHAT IT IS
Marine insurance covers the loss and damage of ship cargoes, terminals, ships and their properties. Underwriters evaluate the risk faced by potential clients and process their applications for insurance coverage accordingly. Their job scope includes the following:
- Settling claims arising from policies
- Making recommendations for claim handlers with guidance from solicitors and other third parties on the best course of action
- Continually assessing risk and pricing to ensure that underwriting policies, procedures and guidelines meet the company’s expectations
There are generally 5 types of insurance cover:
- Marine Hull Insurance
- Marine Liability Insurance
- Marine Cargo Insurance
- Protection & Indemnity
Starting pay for a marine insurance underwriter ranges from about $1,800 to $2,500 per month, with competitive bonuses depending on performance. (Salary info to be advised later)
*Based on the Singapore Maritime Cluster Benefits and Competency Study 2013 and 2015. The salary data provided is for reference only. Actual salaries may differ due to market conditions and company-specific human resource policies.
WHAT IS REQUIRED
- A degree in any one of the following disciplines: Maritime Studies, Accounting, Business, Economics, Law. An actuarial background is preferred.
- Strong numerical abilities
- Excellent interpersonal and communication skills for dealing with brokers and other insurance professionals
- Commercial acumen
- Ability to work under pressure and within tight deadlines
FIND OUT MORE
OTHER RELATED LINKS
Lim Ping Ping
Marine Insurance Underwriter at Beazley Group
Ms Lim Ping Ping has over 20 years of experience in the marine insurance market and is constantly keeping herself up-to-date with local and global economic trends.
“Every day presents a new challenge and learning experience for me. I also enjoy the fact that my job allows me to meet many different people across the insurance and marine markets,” shares Ping Ping
Read more about her maritime journey here.