If you cannot find a good underwriter in Singapore, first check that your salary matches the 2026 market, then widen the search to passive candidates, adjacent lines and the region, and consider developing an internal candidate. Most stalled underwriting searches come down to pay below market, a too-narrow specification, or relying on job ads when the strongest people are not applying.
Underwriting talent in Singapore is in steady demand from insurers, reinsurers, MGAs and brokers serving the wider region, and the pool of experienced people is not large. The good news is that most underwriting searches can be rescued with a few deliberate changes. Here is a practical sequence.
Step 1: Check your pay against the 2026 market
A weak response to a vacancy is often a pricing signal. Compare your offer with at least two independent benchmarks before changing anything else.
| Source | What it measures | Underwriter figures |
|---|---|---|
| MOM Occupational Wage Survey, June 2024 | Monthly gross wage, insurance underwriter, excludes bonuses | 25th percentile S$4,800; median S$6,991; 75th percentile S$12,200 |
| Randstad Singapore 2025 salary guide | Monthly salary, 0 to 10 years’ experience | Non-life: S$5,000 low, S$9,000 medium, S$12,000 high. Life: S$5,000 low, S$9,000 medium, S$13,000 high |
| Michael Page 2026 Salary Guide | Annual gross, mid to senior level, includes bonuses and incentives | S$108,000 to S$156,000 |
The spread is wide because “underwriter” covers everything from a junior personal lines role to a senior specialty or reinsurance underwriter. MOM’s methodology note also points out that its occupational wages exclude bonuses, so they will read lower than total pay for roles where bonuses are significant (MOM methodology). For a fuller picture of pay by level, see our insurance underwriter salary guide for Singapore.
Remember you are usually asking someone to leave a secure job. Michael Page’s 2026 guide, as reported by Vulcan Post, says job changers could still hope for a 10% to 15% salary increase. Randstad’s 2025 Singapore guide expected insurance job switchers to see 15% to 20%, with niche technical roles potentially seeing up to 50% (Randstad). If your offer sits at the candidate’s current salary, very few will move.
Step 2: Rewrite the specification
Many underwriting searches stall because the brief asks for a perfect match: the exact line of business, the exact product, the exact market, and a specific number of years. Separate the essentials from the nice-to-haves.
- Essentials are usually technical judgement, risk selection discipline, and enough knowledge of the line to price and write it within authority.
- Trainable items often include your internal systems, a neighbouring class of business, or a specific distribution channel.
- Adjacent profiles worth considering include underwriters from a related line (for example property to engineering), broker-side technicians who understand placement, and underwriting assistants ready for their own authority.
Be explicit about authority levels and reporting lines. Strong candidates want to know how much they can write and who signs off.
Step 3: Stop relying on job ads
The underwriters you most want are usually employed, performing well and not reading job boards. The HRnetGroup 2026 insurance hiring guide notes that top candidates in Singapore and Hong Kong are typically off the market within three weeks. That has two implications:
- You need direct, discreet approaches to people who are not looking, not just applications.
- Your process must be quick. Two interview rounds and a decision within a few weeks will beat a five-stage process that loses candidates to faster competitors.
Agree the interview panel, the scorecard and the offer range before the first interview, not after the final one.
Step 4: Look at skills that are changing the role
Underwriting itself is shifting. Randstad describes insurers using predictive analytics and machine learning to make risk assessment and underwriting more efficient, and notes demand for underwriting experience with high-net-worth clients. HRnetGroup highlights emerging demand for hybrid roles in AI-driven underwriting, EV insurance and embedded products.
If you need an underwriter who can work with data teams, say so in the brief and pay for it. If you do not, avoid filtering out excellent technical underwriters because they lack a coding skill the job does not need. Our article on the tech skills insurers in Singapore are hiring for covers this in more depth.
Step 5: Widen the geography
Singapore underwriting teams often cover the wider region, so candidates in Hong Kong, Malaysia and elsewhere in Asia may already know your markets. If you hire from overseas, plan around Employment Pass rules. According to MOM, the minimum qualifying salary for a new Employment Pass in financial services starts at S$6,200 for applicants aged 23 and below, rising with age to S$11,800 at 45 and above. From 1 January 2027 these rise to S$6,600 and S$12,700. Candidates also need to pass the COMPASS framework (40 points) unless exempt.
Factor the pass timeline into your start date, and check eligibility early so you do not reach offer stage with a candidate who cannot be approved.
Step 6: Build your own bench
If the external market is genuinely thin, invest in internal development alongside the search. The Singapore College of Insurance, established in 1974, runs technical training and professional qualifications for general and life insurance. Pairing a promising assistant underwriter with a structured training plan and a senior mentor will not solve this quarter’s vacancy, but it reduces the chance of being in the same position next year.
For a critical seat you cannot leave empty, a contract or interim specialist can hold the portfolio while you run a proper permanent search.
Step 7: Decide how you will search
For a mid-level underwriter with a reasonably active market, a contingency recruiter or your own network may be enough. For a Head of Underwriting, a Chief Underwriting Officer or a confidential replacement, a dedicated retained search usually works better because someone is accountable for mapping and approaching the whole market. Our guide to retained vs contingency search for senior insurance hires explains the trade-offs.
A quick diagnostic checklist
- Is our offer at or above the median of current benchmarks, plus a realistic move premium?
- Have we separated must-have experience from trainable skills?
- Are we approaching passive candidates directly, not just advertising?
- Can we make a decision within three to four weeks of first interview?
- Have we considered adjacent lines, broker-side technicians and the region?
- Do we have a contract or internal fallback while the search runs?
How LUNOS can help
Underwriting, Broking and Claims is one of LUNOS’s seven specialist desks, covering technical specialists across P&C, specialty and reinsurance. From our Singapore office at 50 Raffles Place, with colleagues in Malaysia and Hong Kong, we can run a market map to show who sits where and what it would take to move them, and provide salary analysis for your role before you go to market. Where a seat cannot stay empty, our Contracting and Consulting desk provides specialised professionals on a flexible basis. Brief us on your underwriting role in confidence.
Frequently asked questions
Why is it so hard to hire underwriters in Singapore?
The pool of experienced underwriters is small relative to demand from insurers, reinsurers, MGAs and brokers serving the region, and the best people are usually employed and not applying. Offers below market and narrow specifications make it harder still.
How much should I pay an underwriter in Singapore in 2026?
It depends on line and seniority. MOM’s June 2024 survey put the median monthly gross wage for insurance underwriters at S$6,991, excluding bonuses, while Michael Page’s 2026 guide gives S$108,000 to S$156,000 a year including bonuses for mid to senior roles.
Can I hire an underwriter from overseas?
Yes, subject to Employment Pass rules. MOM’s minimum qualifying salary for financial services starts at S$6,200 for younger applicants and rises with age, with higher thresholds from 1 January 2027, and candidates must pass COMPASS unless exempt.
Should I use a recruiter or hire directly?
For mid-level roles your own network or a contingency recruiter may be enough. For senior, confidential or very specialised underwriting roles, a dedicated search firm that maps and approaches passive candidates usually gets further.