careers.novascotia.ca

Insurance Underwriters

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NOC:1313
Occupation:Insurance Underwriters
Category:Business, Finance, and Administration

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 secondary 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)

Labour Market Information

Work Prospects:Good

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)

OccupationEstimated employment in 2018Estimated change in employment between 2017 and 2019Estimated openings due to growth and retirements, 2017-2019Estimated rate of unemployment in 2018 Estimated hourly earnings in 2015 (learn more)Estimated annual earnings in 2015
Insurance Underwriters455Strong growth50Low
Minimum: $16.67
Median: $21.00
Maximum: $30.56
Minimum: $28,955
Median: $49,847
Maximum: $83,913
Occupations in Business, Finance, and Administration63,775Moderate growth6,600Low
Minimum: $13.00
Median: $21.03
Maximum: $35.90
Minimum: $6,754
Median: $36,515
Maximum: $70,271
Insurance UnderwritersCompared to: Occupations in Business, Finance, and Administration
Percent employed full-time99%81%
Percent self-employed0%7%
Where will I likely work?
Area of EmploymentInsurance UnderwritersCompared to: All NS Occupations
% EmployedMedian Annual Income% EmployedMedian Annual Income
Southern4%x12%$30,581
Northern2%x16%$33,660
Cape Breton2%x13%$32,974
Halifax89%$48,97247%$41,209
Annapolis Valley3%x13%$32,958
What are the workers like?
AgeInsurance UnderwritersCompared to: All Business, Finance, and Administration
% Employed% Employed
15-2410%x
25-3420%6%
35-4430%19%
45-5415%36%
55-6420%28%
65+10%11%
Median Age4348
GenderInsurance UnderwritersCompared to: Occupations in Business, Finance, and Administration
% Employed% Employed
Female73%73%
Male27%27%
EducationInsurance UnderwritersCompared to: All Business, Finance, and Administration
% EmployedMedian Annual Income% EmployedMedian Annual Income
Less than high schoolN/Ax4.7%$23,775
High school26.0%$44,11123.7%$30,074
Trades certificateN/A$55,2825.8%$32,871
College certificate or diploma29.2%$55,96834.4%$33,837
University certificate or diploma4.2%x3.0%$35,053
Bachelor's degree34.4%$60,30322.9%$39,473
University advanced certificate or diploma2.1%x1.7%$40,672
Master's degree2.1%x3.6%$23,407
Doctorate2.1%x0.2%$48,614
Medicine, dentistry, veterinary, optometryN/Ax0.1%$41,688
Total100%100%
Wage Disclaimer

Hourly earnings data are from the Labour Force Survey by Statistics Canada. Data are not available for all occupations. Hourly earnings are calculated based on usual hours worked per week. This is how an annual salary, for instance, gets converted to an hourly rate. The data include full and part-time workers along with new and experienced workers. Self-employed workers are excluded.

Annual employment income data reported in the Work Prospects section, are from the 2011 National Household Survey by Statistics Canada. Much of the data (around 70%) came directly from tax records. The data relates to the year 2010 and includes total wages and salaries and net income from self-employment.

Sources

Employment Requirements & Contacts

Regulations:
No regulating bodies were found under this occupation profile
Useful contacts:
Insurance Institute of Nova Scotia
250 Baker Drive Suite 220
Dartmouth, NS B2W 6L4
Tel: (902) 433-0070
Fax: (902) 433-0072
IINSmail@insuranceinstitute.ca
Financial Advisors Association of Canada
390 Queens Quay West, Suite 209
Toronto, ON M5V 3A2
Tel: (416) 444-5251
Fax: (416) 444-8031
info@advocis.ca
Canadian Life and Health Insurance Association
79 Wellington St. West, Suite 2300
Toronto, ON M5K 1G8
Tel: (416) 777-2221
Fax: (416) 777-1895

Training Paths & Education

Program Name:Adult high school/secondary diploma programs
Education Level:This program is typically offered at the high school level.
Program Description:
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.
See all institutions providing this program+
Universite Sainte-Anne
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
Blanche.Theriault@usainteanne.ca
Nova Scotia Community College - Annapolis Valley Campus
50 Elliott Road
Lawrencetown, NS B0S 1M0
(902) 825-3491
avc.info@nscc.ca
Nova Scotia Community College - Cumberland Campus
PO Box 550, 1 Main Street
Springhill, NS B0M 1X0
(902) 597-3737
cumberland.info@nscc.ca
Nova Scotia Community College - Akerley Campus
21 Woodlawn Road
Dartmouth, NS B2W 2R7
(902) 491-4900
akerley.info@nscc.ca
Nova Scotia Community College - Burridge Campus
372 Pleasant Street
Yarmouth, NS B5A 2L2
(902) 742-3501
burridge.info@nscc.ca
Nova Scotia Community College - Kingstec Campus
236 Belcher Street
Kentville, NS B4N 0A6
(902) 678-7341
kingstec.info@nscc.ca
Nova Scotia Community College - Lunenburg Campus
75 High Street
Bridgewater, NS B4V 1V8
(902) 543-4608
lunenburg.info@nscc.ca
Nova Scotia Community College - Institute of Technology Campus
5685 Leeds Street
Halifax, NS B3K 2T3
(902) 491-6722
it.info@nscc.ca
Nova Scotia Community College - Pictou Campus & School of Fisheries
PO Box 820, 39 Acadia Avenue
Stellarton, NS B0K 1S0
(902) 752-2002
pictou.info@nscc.ca
Nova Scotia Community College - Shelburne Campus
PO Box 760, 1575 Lake Road
Shelburne, NS B0T 1W0
(902) 875-8640
shelburne.info@nscc.ca
Nova Scotia Community College - Strait Area Campus & Nautical Institute
226 Reeves Street
Port Hawkesbury, NS B9A 2A2
(902) 625-2380
strait.info@nscc.ca
Nova Scotia Community College - Marconi Campus
PO Box 1042, 1240 Grand Lake Road
Sydney, NS B1P 6J7
(902) 563-2450
marconi.info@nscc.ca
Nova Scotia Community College - Truro Campus
36 Arthur Street
Truro, NS B2N 1X5
(902) 893-5385
truro.info@nscc.ca
Program Name:Business/commerce - General
Education Level:This program may be offered at the college, trades, or university level.
Program Description:
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.
See all institutions providing this program+
Dalhousie University
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
admissions@dal.ca
University of King's College
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
admissions@ukings.ca
Universite Sainte-Anne
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
Blanche.Theriault@usainteanne.ca
Saint Mary's University
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
admission.status@smu.ca
Cape Breton University
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
registrar@cbu.ca
Additional resources:

There are no additional resources for this occupation.