Insurance Industry – Underwriting Agency

An underwriting agency acts on behalf of an insurer, either locally or overseas, to write insurance policies for either customers or for insurance brokers.

An underwriting Agency will typically operate in a niche area or industry, such as transport or pleasure craft.

The Agency will generally take the insurance premium from the customer, and forward this premium to the insurer on a monthly basis.  The Agency will also often get involved in the claims process, in many cases even managing the claim and making the payment to the insured.

Like an Insurer, an Underwriting Agency is also heavily regulated by government regulators in order to protect the best interests of the customer.

 

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