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
55-64
25-34
45-54
15-24
65+
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/AUniversity advanced certificate or diploma
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.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
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
50 Elliott Road
Lawrencetown, NS B0S 1M0
(902) 825-3491
PO Box 550, 1 Main Street
Springhill, NS B0M 1X0
(902) 597-3737
21 Woodlawn Road
Dartmouth, NS B2W 2R7
(902) 491-4900
372 Pleasant Street
Yarmouth, NS B5A 2L2
(902) 742-3501
236 Belcher Street
Kentville, NS B4N 0A6
(902) 678-7341
75 High Street
Bridgewater, NS B4V 1V8
(902) 543-4608
5685 Leeds Street
Halifax, NS B3K 2T3
(902) 491-6722
PO Box 820, 39 Acadia Avenue
Stellarton, NS B0K 1S0
(902) 752-2002
PO Box 760, 1575 Lake Road
Shelburne, NS B0T 1W0
(902) 875-8640
226 Reeves Street
Port Hawkesbury, NS B9A 2A2
(902) 625-2380
PO Box 1042, 1240 Grand Lake Road
Sydney, NS B1P 6J7
(902) 563-2450
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
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.