When analysing and pricing risk, numerical skills are a must. But that’s not all. Natural curiosity, good communication skills and the ability to assimilate and interpret information quickly are all traits that a good underwriter should possess.

A degree in maths, business, commerce or insurance is desirable but is not necessarily a prerequisite. “I read English language and literature at university,” says Chloe Apostolou, an assistant underwriter at Atrium Underwriters, which operates two syndicates at Lloyd’s of London. “That seems far removed from the world of insurance, but an understanding of the English language when reading through legal documents and structuring reports and business plans has proved incredibly important.”

Peter Knowles, market director for general insurance at the CII, says: “Increasingly employers are looking to recruit the right attitude; someone with an inquiring mind who is open to new ideas. Technical knowledge can be acquired, attitude is far harder to change.”

In a typical career path an underwriter learns skills on simple risks before progressing to more complex risks. “A simple risk might be a shop and a complex one an oil refinery,” Knowles says. “This experience is often supplemented by taking exams in insurance.”

Ciaran Mulcahy, an underwriting assistant at Catlin Group, has a degree in European Union politics with law and a postgraduate diploma in law from City University. “I applied for a graduate scheme offered by the Wellington Syndicate at Lloyd's [acquired by Catlin in 2006],” he says. “I assist senior underwriters who write reinsurance contracts, plus I get to meet clients and hear how their businesses have developed with our help.

“Underwriters assess risk but also suggest ways in which the risk of a loss occurring can be reduced. This can save lives but is more likely to ensure that a business continues to thrive and contribute to society.”

The starting salary is £16,500 (outside London) rising to £22,000 with experience. Salaries in more senior roles range between £40,000 and £50,000.

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