Marine Cargo Underwriter

LUNOS (SG) PTE. LTD.; Singapore; On-site; SGD 60,000 - 90,000; Full time

Job summary

Join a dynamic team as a Marine Cargo Underwriter at a leading global insurance company. This role involves underwriting marine cargo risks, managing compliance, and leveraging market insights to grow the business. Ideal candidates will have strong expertise in underwriting and a proactive approach to market trends, along with opportunities for professional growth in a collaborative environment.

Benefits

Opportunities for professional growth

Collaborative environment

Qualifications

• Experience in underwriting marine cargo accounts including relevant risks and clauses.
• Knowledge of MAS and Industry rules concerning underwriting.
• Willingness to travel occasionally.

Responsibilities

• Underwrite risks and assist with business expansion in marine cargo.
• Monitor underwriting performance and report market conditions.
• Ensure compliance with relevant regulations and procedures.

Skills

Strong expertise in underwriting marine cargo accounts

Proactive market awareness

Clear understanding of insurance legal principles

Job description

Overall Objective

To prudently underwrite quality marine cargo business in alignment with the business plan, maximizing profitability while upholding the firm’s reputation, customer care, and regulatory compliance.

Key Responsibilities

Underwriting

• Underwrite relevant risks (foreign book renewals and lead business as needed), exercising sound judgment within the limits outlined in the Binding Authority Agreement and in accordance with the Underwriting business plan.
• Drive expansion of marine cargo business and project cargo risk products.
• Build and maintain effective relationships within the company, with peers and brokers, to secure new business within the portfolio, focusing on risks underwritten by your team.

Management Reporting

• Assist the Underwriting team globally with ad hoc reports and business plans.
• Provide analytical support, including:
• Monitoring underwriting performance (gross/net premium, claims paid/outstanding/incurred, and loss ratio).
• Assessing and reporting on underwriting market conditions and their impact on the business plan.
• Ensuring Written/Anticipated premium aligns with Booked premium.

Compliance

• Adhere to company procedures and systems as per compliance manuals.
• Underwrite within agreed authority criteria or obtain authorization.
• Address contract certainty issues for all relevant risks.
• Comply with all MAS and rules and regulations, particularly those related to underwriting.

Administration

• Review slips and related documentation, ensuring the Cargo and Project accounts align with the Underwriting business plan and authority limits.
• Conduct independent peer reviews for other underwriting classes.
• Assist the Finance department with credit control to ensure timely recovery of premiums.

Knowledge and Skills Required

• Strong expertise in:
• Underwriting marine cargo accounts, including risks, wordings, and clauses.
• Marine Hull and Liability risks related to cargo.
• Insurance legal principles.
• MAS and Industry rules, including contract certainty.
• Company-specific procedures relevant to the role and supervised employees.
• Clear understanding of colleagues’ roles and their relation to the company’s structure and business plans.
• Proactive market awareness and commitment to ongoing learning (formal and informal) to enhance product and underwriting knowledge.
• Awareness of potential business risks within the role and the controls in place to mitigate them; promptly report significant changes to line manager.
• Willingness to travel occasionally.

Why Join Us?

Join a dynamic team at the forefront of marine cargo underwriting, working with a globally respected company. We offer opportunities for professional growth, a collaborative environment, and the chance to shape the future of our marine cargo portfolio.

EA License 16S8145

EA Reg No: R21102228