In the UK it is not formally an apprentice system but from the outside it looks a lot like an apprentice system combined with luck. While graduate entry is common now (since our University system is only £10k a year for tuition and the money can be borrowed from the state) Lloyd's still runs an apprentice program that has an intake at 18.
Junior people joining the industry will typically be given a great deal of grunt work to do and there can be opportunities to learn the lingo that come with that. Relationships are a large part of the industry and so passing these on from parent to child does happen but a lot of it appears to me to be less direct than that, and so ending up in an apprentice-like relationship with a senior underwriter can cause your career to soar.
It can be very hard for senior underwriters who feel that they have built up high quality relationships over decades to work out how to profit from those in retirement and many fail to fully capitalise on them.
Junior people joining the industry will typically be given a great deal of grunt work to do and there can be opportunities to learn the lingo that come with that. Relationships are a large part of the industry and so passing these on from parent to child does happen but a lot of it appears to me to be less direct than that, and so ending up in an apprentice-like relationship with a senior underwriter can cause your career to soar.
It can be very hard for senior underwriters who feel that they have built up high quality relationships over decades to work out how to profit from those in retirement and many fail to fully capitalise on them.