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 work at head and branch offices of insurance companies.

Job Outlook

Average

Read more

  • Estimate Moderate growth employment change, 2021-2023
  • Estimate 65 openings due to growth and retirements, 2021-2023
  • Estimate Low rate of unemployment in 2022

Compared to: All Business, Finance, and Administration

  • Estimate 3555 employment change, 2021-2023
  • Estimate 9370 openings due to growth and retirements, 2021-2023
  • Estimate rate of unemployment not available for these occupation.

Hourly Pay

$18.75

Minimum

$23.63

Median

$48.08

Maximum

Annual Pay

$28,955

Minimum

$49,847

Median

$83,913

Maximum

Compared to: All Business, Finance, and Administration

Hourly Pay

$15.00

Minimum

$23.00

Median

$38.50

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 work at head and branch offices of insurance companies.

Job duties

Insurance underwriters:

  • Review individual and group applications for car, truck, 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 make sure they comply with government regulations.
  • Give recommendations on individual or group insurance plan designs.
  • Give underwriting advice and answer questions from clients and from insurance agents, consultants and other company staff.
  • 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

  • You must be organized, analytical, and decisive. You need good spoken and written communication skills. 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

  • 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

  • Movement to management positions in the insurance industry is possible with experience.

By the numbers

Quick look

480

employed in 2016

97.9%

employed full-time

0.0%

self employed

74.0%
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26%
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43.3

median age

Compared to: All Business, Finance, and Administration

63,775

employed in 2016

78.4%

employed full-time

6.6%

self employed

73.4%
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26.6%
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47.9

median age

Where will I likely work?

88.5%

Halifax

$50,225 median annual income
4.2%

Southern

N/A
3.1%

Annapolis Valley

N/A
2.1%

North Shore

N/A
2.1%

Cape Breton

N/A

Compared to: All NS Occupations

47.0%

Halifax

15.6%

North Shore

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

100.0%

Finance and insurance

What is the age of Employment?

31.0%

35-44

30.0%

45-54

21.0%

25-34

14.0%

55-64

4.0%

65+

Compared to: All Business, Finance, and Administration

26.3%

45-54

22.6%

55-64

19.4%

35-44

16.7%

25-34

7.5%

65+

Top levels of education

34.4%

Bachelor

$51,676 median annual income
30.2%

College Diploma

$42,750 median annual income
26.0%

High school

$49,366 median annual income
4.2%

Diploma Below Bachelor

N/A
2.1%

Master

N/A

Compared to: All Business, Finance, and Administration

33.8%

College Diploma

$36,304 median annual income
23.8%

High school

$32,903 median annual income
22.8%

Bachelor

$41,755 median annual income
5.8%

Trade Certification

$34,807 median annual income
4.9%

Less than high school

$23,174 median annual income

Education & training

Business/Commerce

College, Trades, or University Program

These programs focus 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. They prepare students to apply business principles and techniques in various occupational settings.

Institutions providing this program

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

Saint Mary's University

Halifax, NS

High School Diploma or Equivalent

High School Program

Adults without a high school diploma can contact the Nova Scotia School for Adult Learning (NSSAL) for tuition-free programming across the province. NSSAL oversees adult education programs in Nova Scotia. NSSAL partners with the Nova Scotia Community College, Adult High Schools, Université Sainte-Anne, and community-based learning organizations to deliver programs. NSSAL offers clear, accessible pathways from adult basic education to a high school credential or GED.

Institutions providing this program

Universite Sainte-Anne

Pointe-de-l'Église, NS

Nova Scotia Community College

Various, NS

Adult High Schools

Various, NS

Community Learning Organizations

Various, NS

Employment requirements & contacts

No regulating bodies were found under this occupation profile

Contacts

Insurance Institute of Nova Scotia
Nova Scotia, Canada
Financial Advisors Association of Canada
Toronto, ON
Canadian Life and Health Insurance Association
Toronto, ON

Additional resources

There are no additional resources for this occupation.