Insurance Underwriters
(NOC 1313)
in All Business, Finance, and AdministrationInsurance underwriters review and evaluate insurance applications to determine insurance risks, insurance premiums and extent of insurance coverage according to company policies. Insurance underwriters are employed at head and branch offices of insurance companies.
Job Outlook
Good
Read more
Compared to: All Business, Finance, and Administration
The employment outlook over the next few years for this occupational group is “good”, which indicates the chances of a qualified individual finding work is better than average when compared to other occupations in Nova Scotia. This is a moderate sized occupation in Nova Scotia so some job opportunities may occur through turnover. The number employed in this occupation is expected to grow significantly over the next few years, which will provide additional opportunities for employment. With a small percent of workers being 55 years of age and older, retirements are not expected to be a major contributor to employment opportunities over the coming years. Insurance Underwriters most commonly work full-time hours.
The median employment income for 85% of Insurance Underwriters who worked full-time, year-round in 2015 was $53,480. Across all occupations in Nova Scotia, 59% of those who worked full-time year round had a median employment income of $43,600.
(Source: 2016 Census)
Hourly Pay
$16.67
Minimum$21.00
Median$30.56
MaximumAnnual Pay
$28,955
Minimum$49,847
Median$83,913
MaximumCompared to: All Business, Finance, and Administration
Hourly Pay
$13.00
Minimum$21.03
Median$35.90
MaximumAnnual Pay
$6,754
Minimum$36,515
Median$70,271
MaximumAbout the job
Nature of work
Insurance underwriters review and evaluate insurance applications to determine insurance risks, insurance premiums and extent of insurance coverage according to company policies. Insurance underwriters are employed at head and branch offices of insurance companies.
Job duties
Insurance underwriters perform some or all of the following duties:
- Review individual and group applications for automobile, fire, health, liability, life, property, marine, aircraft and other insurance.
- Evaluate new and renewal applications to determine insurance risks, insurance premiums, extent of insurance coverage and other conditions of the insurance contract using medical reports, rate tables and other documents and reference materials; adjust premiums, coverage or risk itself to make acceptance of new and renewal applications possible.
- Approve sale of insurance policies and ensure compliance with government regulations.
- Provide recommendations on individual or group insurance plan designs.
- Provide underwriting advice and answer inquiries from clients and from insurance agents, consultants and other company personnel.
- Prepare underwriting reports and update insurance forms when necessary.
Sample job titles
- automobile and home insurance consultant
- commercial underwriter
- group underwriter
- insurance underwriter
- liability underwriter
- life underwriter
- property underwriter
- public liability underwriter
Skills
To work in this field, you must be organized, analytical, and decisive. You need good communication skills, both written and oral. You need good interpersonal skills and must be able to work as a part of a team. Knowledge of medical terminology and computer skills are helpful.
Job requirements
- Completion of high school and some general insurance experience or a bachelor's degree, college diploma or some post-secondary education is required.
- Several years of on-the-job training and completion of insurance industry underwriting courses and training programs are required.
Other considerations
Progression to management positions in the insurance industry is possible with experience. Completion of educational programs through the Insurance Institute of Canada or its provincial counterparts entitles insurance underwriters to professional recognition as a Chartered Insurance Professional (CIP) and, with additional university courses, as a Fellow, Chartered Insurance Professional (FCIP)
By the numbers
Quick look
employed in 2016
employed full-time
self employed
median age
Compared to: All Business, Finance, and Administration
employed in 2016
employed full-time
self employed
median age
Where will I likely work?
Halifax
Southern
Annapolis Valley
Northern
Cape Breton
Compared to: All NS Occupations
Halifax
Northern
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Finance, Insurance, Real Estate & Leasing
What is the age of Employment?
35-44
25-34
55-64
45-54
65+
15-24
Compared to: All Business, Finance, and Administration
45-54
55-64
35-44
65+
25-34
Top levels of education
Bachelor's degree
$60,303 median annual incomeCollege certificate or diploma
$55,968 median annual incomeHigh school
$44,111 median annual incomeUniversity certificate or diploma
N/AMaster's degree
N/ACompared to: All Business, Finance, and Administration
College certificate or diploma
$33,837 median annual incomeHigh school
$30,074 median annual incomeBachelor's degree
$39,473 median annual incomeTrades certificate
$32,871 median annual incomeLess than high school
$23,775 median annual incomeEducation & training
Adult high school/secondary diploma programs
This program is typically offered at the high school level.The Nova Scotia School for Adult Learning (NSSAL) administers, coordinates, and supports the development and delivery of adult education programs through learning partners in Nova Scotia. Our learning partners include the Nova Scotia Community College, Adult High Schools, Université Sainte-Anne, and community-based learning organizations that offer tuition-free programming across the province. NSSAL offers clear, accessible pathways from adult basic education to a high school credential or GED, empowering Nova Scotians to achieve their learning and employment goals.
Institutions providing this program
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
PO Box 220
Halifax, NS B3J 2M4
(866) 679-6722
Various, NS
Various, NS
Business/commerce - General
This program may be offered at the college, trades, or university level.This instructional program class includes any program that focuses on the general study of business, including the processes of interchanging goods and services (buying, selling and producing), business organization, and accounting as used in profit-making and non-profit public and private institutions and agencies. The program prepares individuals to apply business principles and techniques in various occupational settings.
Institutions providing this program
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
Employment requirements & contacts
No regulating bodies were found under this occupation profile
Contacts
Additional resources
There are no additional resources for this occupation.