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 Stable employment change, 2019-2021
  • Estimate 60 openings due to growth and retirements, 2018-2020
  • Estimate Moderate rate of unemployment in 2019

Compared to: All Business, Finance, and Administration

  • Estimate -1305 employment change, 2019-2021
  • Estimate 4210 openings due to growth and retirements, 2018-2020
  • Estimate rate of unemployment not available for these occupation.

The employment outlook over the next few years for this occupational group is “average”, which indicates the chances of a qualified individual finding work is comparable to the average for all 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 remain largely the same over the next few years. With a moderate percent of workers being 55 years of age and older, retirements are expected to contribute somewhat to employment opportunities over the coming years. Insurance Underwriters most commonly work full-time hours.

The median employment income for 84% 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

$16.01

Minimum

$20.00

Median

$35.00

Maximum

Annual Pay

$28,955

Minimum

$49,847

Median

$83,913

Maximum

Compared to: All Business, Finance, and Administration

Hourly Pay

$14.00

Minimum

$27.85

Median

$38.46

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%
Icons/female Created with Sketch.
26%
Icons/male Created with Sketch.
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%
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%

Cape Breton

2.1%

North Shore

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's degree

$51,676 median annual income
30.2%

College certificate or diploma

$42,750 median annual income
26.0%

High school

$49,366 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

33.8%

College certificate or diploma

$36,304 median annual income
23.8%

High school

$32,903 median annual income
22.8%

Bachelor's degree

$41,755 median annual income
5.8%

Trades certificate

$34,807 median annual income
4.9%

Less than high school

$23,174 median annual income

Education & 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

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

Nova Scotia Community College - Adult Learning

PO Box 220

Halifax, NS B3J 2M4

(866) 679-6722

Adult High Schools

Various, NS

Community Learning Organizations

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

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.

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