Personal Lines Underwriter, Property Insurance Underwriter, Risk Manager, Technical Underwriting Assistant, Underwriter, Underwriter Trainee
In Canada, the federal government groups and organizes occupations based on a National Occupational Classification (NOC) system. This alis occupation may not reflect the entire NOC group it is part of. Data for the NOC group can apply across multiple occupations.
The NOC system is updated every 5 years to reflect changes in the labour market. Government forms and labour market data may group and refer to an occupation differently, depending on the system used. Here is how this occupation has been classified over time:
| Starting | $25.62 |
|---|---|
| Overall | $32.15 |
| Top | $39.95 |
Interest in co-ordinating information to review individual and group applications for automobile, fire, health, liability, life, property, marine, aircraft and other insurance, to ensure compliance with government regulations, andto adjust premiums, coverage or risk itself for acceptance of new and renewal applications
Interest in speaking with clients, insurance agents, consultants and other company personnel to provide underwriting advice and answer inquiries
Interest in approving the sale of insurance policies
The interest code helps you figure out if you’d like to work in a particular occupation.
It’s based on the Canadian Work Preference Inventory (CWPI), which measures 5 occupational interests: Directive, Innovative, Methodical, Objective and Social.
Each set of 3 interest codes is listed in order of importance.
A code in capital letters means it’s a strong fit for the occupation.
A code in all lowercase letters means the fit is weaker.
When insurance agents and brokers sell insurance policies to individuals and organizations, they present applications for insurance to insurance company underwriters. When applications are received, underwriters:
Underwriters work within corporate policies, principles and rules for the acceptance of normal risks. If they decide that a risk is not acceptable, they may:
In addition to underwriting new applications, underwriters are responsible for analyzing changes requested during the term of the policy and reviewing the risk for renewal. Depending on the company and product line, they also may check policies issued by others to ensure that guidelines are followed, coverage fits risks and rates are correct.
Insurance underwriters spend much of their time on the phone with, writing letters to and/or exchanging e-mails with insurance agents and brokers, people in other insurance company departments (e.g. claims and legal departments) and others.
Insurance underwriters usually work in an office setting but may travel within a specified territory. Because agents often press for quick answers, an underwriter's job can be stressful. Most companies use computers extensively to speed up decision making and reduce paper flow.
Insurance underwriters must be:
They should enjoy co-ordinating information and taking a methodical approach to their work, working with people and making decisions.
Most insurance companies prefer to hire underwriting trainees who have some post-secondary education. Underwriters usually take two to five years to be become fully qualified by taking related courses and gradually taking on more responsibility. They must be able to analyze reports from other departments (for example, claims, accounting) and keep up to date with current affairs and changes that affect their work.
Most general insurance companies encourage their underwriters to take a program of study offered by the Insurance Institute of Canada. The program leads to the designation Chartered Insurance Professional (CIP). Courses are offered in class, virtually and through distance education, and can be taken by correspondence, through the Insurance Institute of Canada at their location or at designated post-secondary institutions. Information on the requirements of to earn a Fellowship CIP designation can be found at the Insurance Institute of Canada website.
Education and certification programs for life insurance underwriters are offered by the Life Office Management Association (LOMA) and ADVOCIS The Financial Advisors Association of Canada.
The following schools offer programs or courses that are related to this occupation but are not required to enter the field.
For a broad list of programs and courses that may be related to this occupation try searching using keywords.
Before enrolling in an education program, prospective underwriters should discuss their training options with potential employers.
Certification is not required, as there is currently no legislation regulating this occupation.
Underwriters in the field of general insurance usually are employed by local insurance companies, often in larger cities. Life insurance underwriters usually are employed in company head offices.
With experience, underwriters advance to assessing more complex risks such as commercial property risks or auto fleets, and quoting premiums on risks (determining prices and conditions to offer for proposed policies).
After qualifying for the CIP designation, a general insurance underwriter may move into more advanced technical areas of underwriting, management or other company departments (for example, marketing). Some underwriters become independent insurance agents or enter the field of reinsurance or brokering. All insurance agents and independent adjusters must be licensed (for more information, see the Insurance Adjuster and Insurance Agent/Broker occupational profiles).
In Alberta, 98% of people employed as insurance underwriters work in the Finance, Insurance, Real Estate and Leasing (PDF) industry.
The employment outlook in this occupation will be influenced by a wide variety of factors including:
Over 3,000 Albertans are employed in the Insurance underwriters occupational group. This group is expected to have a below-average annual growth of 1.3% from 2016 to 2020. As a result, 39 new positions are forecast to be created each year, in addition to job openings created by employment turnover.
Employment turnover is expected to increase as members of the baby boom generation retire over the next few years.
| Wages* | Low (5th percentile) | High (95th percentile) | Average | Median |
|---|---|---|---|---|
| Starting | $18.19 | $37.95 | $25.62 | $24.01 |
| Overall | $22.56 | $44.02 | $32.15 | $29.63 |
| Top | $27.90 | $56.92 | $39.95 | $40.28 |
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* All wage estimates are hourly except where otherwise indicated. Wages and salaries do not include overtime hours, tips, benefits, profit shares, bonuses (unrelated to production) and other forms of compensation.
Lower Reliability, represents a CV of between 15.01% and 33.00% and/or if fewer than 20 survey observations and/or if survey observations represent less than 33% of all estimated employment for the occupation.
| Finance, Insurance, Real Estate, Leasing | $59,545 |
|---|---|
| ALL INDUSTRIES | $58,945 |
ADVOCIS The Financial Advisors Association of Canada website: www.advocis.ca
Alberta Insurance Council website: www.abcouncil.ab.ca
Canadian Securities Institute website: www.csi.ca
Insurance Institute of Canada website: www.insuranceinstitute.ca
Career Connections website: http://www.career-connections.info/
Life Office Management Association website: www.loma.org
For more information on career planning, education and jobs, visit the Alberta Learning Information Service (ALIS) website, call the Alberta Career Information Hotline toll-free at 1-800-661-3753 or 780-422-4266 in Edmonton, or visit an Alberta Works Centre near you.
Updated Nov 26, 2012. The information contained in this profile is current as of the dates shown. Salary, employment outlook and educational program information may change without notice. It is advised that you confirm this information before making any career decisions.