Insurance Underwriters

(NOC 1313)

in All Business, Finance, and Administration

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 Outlook

Good

Read more

  • Estimate Strong growth employment change, 2017-2019
  • Estimate 50 openings due to growth and retirements, 2017-2019
  • Estimate Low rate of unemployment in 2016

Compared to: All Business, Finance, and Administration

  • Estimate Moderate growth employment change, 2017-2019
  • Estimate 6600 openings due to growth and retirements, 2017-2019
  • Estimate Low rate of unemployment in 2016

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

Maximum

Annual Pay

$28,955

Minimum

$49,847

Median

$83,913

Maximum

Compared to: All Business, Finance, and Administration

Hourly Pay

$13.00

Minimum

$21.03

Median

$35.90

Maximum

Annual Pay

$6,754

Minimum

$36,515

Median

$70,271

Maximum

About 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

455

employed in 2016

98.9%

employed full-time

0.0%

self employed

72.9%
Icons/female Created with Sketch.
27.1%
Icons/male Created with Sketch.
43.3

median age

Compared to: All Business, Finance, and Administration

63,775

employed in 2016

81.3%

employed full-time

6.6%

self employed

73.4%
Icons/female Created with Sketch.
26.6%
Icons/male Created with Sketch.
47.9

median age

Where will I likely work?

88.5%

Halifax

4.2%

Southern

3.1%

Annapolis Valley

2.1%

Northern

2.1%

Cape Breton

Compared to: All NS Occupations

47.0%

Halifax

15.6%

Northern

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

100.0%

Finance, Insurance, Real Estate & Leasing

What is the age of Employment?

30.0%

35-44

20.0%

55-64

20.0%

25-34

15.0%

45-54

10.0%

65+

10.0%

15-24

Compared to: All Business, Finance, and Administration

36.5%

45-54

28.0%

55-64

18.6%

35-44

10.7%

65+

6.0%

25-34

Top levels of education

34.4%

Bachelor's degree

$60,303 median annual income
29.2%

College certificate or diploma

$55,968 median annual income
26.0%

High school

$44,111 median annual income
4.2%

University certificate or diploma

N/A
2.1%

Master's degree

N/A

Compared to: All Business, Finance, and Administration

34.4%

College certificate or diploma

$33,837 median annual income
23.7%

High school

$30,074 median annual income
22.9%

Bachelor's degree

$39,473 median annual income
5.8%

Trades certificate

$32,871 median annual income
4.7%

Less than high school

$23,775 median annual income

Education & training

Adult high school/secondary diploma programs

This program is typically offered at the high school level.

This instructional program class comprises any program that defines the prescribed requirements, specified by the appropriate jurisdiction, for the completion of and graduation from a secondary school program of academic subject matter offered for adult learners outside of the regular secondary school program. This does not include adult compensatory education programs resulting in completion of a high school equivalency certificate or diploma.

Institutions providing this program

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

Nova Scotia Community College - Annapolis Valley Campus

50 Elliott Road

Lawrencetown, NS B0S 1M0

(902) 825-3491

Nova Scotia Community College - Cumberland Campus

PO Box 550, 1 Main Street

Springhill, NS B0M 1X0

(902) 597-3737

Nova Scotia Community College - Akerley Campus

21 Woodlawn Road

Dartmouth, NS B2W 2R7

(902) 491-4900

Nova Scotia Community College - Burridge Campus

372 Pleasant Street

Yarmouth, NS B5A 2L2

(902) 742-3501

Nova Scotia Community College - Kingstec Campus

236 Belcher Street

Kentville, NS B4N 0A6

(902) 678-7341

Nova Scotia Community College - Lunenburg Campus

75 High Street

Bridgewater, NS B4V 1V8

(902) 543-4608

Nova Scotia Community College - Institute of Technology Campus

5685 Leeds Street

Halifax, NS B3K 2T3

(902) 491-6722

Nova Scotia Community College - Pictou Campus & School of Fisheries

PO Box 820, 39 Acadia Avenue

Stellarton, NS B0K 1S0

(902) 752-2002

Nova Scotia Community College - Shelburne Campus

PO Box 760, 1575 Lake Road

Shelburne, NS B0T 1W0

(902) 875-8640

Nova Scotia Community College - Strait Area Campus & Nautical Institute

226 Reeves Street

Port Hawkesbury, NS B9A 2A2

(902) 625-2380

Nova Scotia Community College - Marconi Campus

PO Box 1042, 1240 Grand Lake Road

Sydney, NS B1P 6J7

(902) 563-2450

Nova Scotia Community College - Truro Campus

36 Arthur Street

Truro, NS B2N 1X5

(902) 893-5385

Business/commerce - General

This program may be offered at the college, trades, or university level.

This instructional program class comprises 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

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

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

Insurance Institute of Nova Scotia
250 Baker Drive Suite 220
Dartmouth, NS B2W 6L4
Tel: (902) 433-0070
Fax: (902) 433-0072
Financial Advisors Association of Canada
390 Queens Quay West, Suite 209
Toronto, ON M5V 3A2
Tel: (416) 444-5251
Fax: (416) 444-8031
Canadian Life and Health Insurance Association
79 Wellington St. West, Suite 2300
Toronto, ON M5K 1G8
Tel: (416) 777-2221
Fax: (416) 777-1895

Additional resources

There are no additional resources for this occupation.

Job postings

There are currently no job postings for this occupation.