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 work at head and branch offices of insurance companies.
Job Outlook
Average
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Compared to: All Business, Finance, and Administration
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
MaximumAnnual Pay
$28,955
Minimum$49,847
Median$83,913
MaximumCompared to: All Business, Finance, and Administration
Hourly Pay
$14.00
Minimum$27.85
Median$38.46
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 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
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
North Shore
Cape Breton
Compared to: All NS Occupations
Halifax
North Shore
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Finance and insurance
What is the age of Employment?
35-44
45-54
25-34
55-64
65+
Compared to: All Business, Finance, and Administration
45-54
55-64
35-44
25-34
65+
Top levels of education
Bachelor
$51,676 median annual incomeCollege Diploma
$42,750 median annual incomeHigh school
$49,366 median annual incomeDiploma Below Bachelor
N/ATrade Certification
N/ACompared to: All Business, Finance, and Administration
College Diploma
$36,304 median annual incomeHigh school
$32,903 median annual incomeBachelor
$41,755 median annual incomeTrade Certification
$34,807 median annual incomeLess than high school
$23,174 median annual incomeEducation & training
Adult High School Diploma or Equivalent
High School ProgramThe 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
Various, NS
Various, NS
Business/Commerce
College, Trades, or University ProgramThese 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
Employment requirements & contacts
No regulating bodies were found under this occupation profile
Contacts
Additional resources
There are no additional resources for this occupation.