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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:
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. Underwriters then:
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 must analyze changes requested during the term of the policy. They must also review the risk when the time comes 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 (for example, 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 need to possess:
They should enjoy coordinating 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 2 to 5 years to be become fully qualified. They do this by taking related courses and gradually taking on more responsibility. They must be able to analyze reports from other departments (for example, the claims or accounting departments) and keep up to date with current affairs and changes that affect their work.
Before enrolling in an education program, prospective underwriters should discuss their training options with potential employers.
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.
Certification is not required, as there is currently no legislation regulating this occupation. However, most general insurance companies encourage their underwriters to take a program of study offered by the Insurance Institute of Canada (IIC). The program leads to the designation Chartered Insurance Professional (CIP). Courses are offered in class, virtually and through distance education through the IIC local chapter or at designated post-secondary schools. The IIC also offers the Advanced CIP and Fellow Chartered Insurance Professional (FCIP) designations.
Education and certification programs for life insurance underwriters are offered by LOMA and Advocis.
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 [pdf] in this occupation will be influenced by a wide variety of factors including:
In Alberta, the B114: Insurance Underwriters occupational group is expected to have a below-average annual growth of 1.3% from 2016 to 2020. In addition to job openings created by employment turnover, 39 new positions are forecasted to be created within this occupational group each year.
Employment turnover is expected to increase as members of the baby boom generation retire over the next few years.
Insurance Underwriters are part of the larger 2016 National Occupational Classification 1313: Insurance Underwriters.
According to the 2019 Alberta Wage and Salary Survey, Albertans in the Insurance Underwriters occupational group earned on average from $31.96 to $51.61 an hour. The overall average was $39.75 an hour. For more information, see the Insurance Underwriters wage profile.
Advocis, The Financial Advisors Association of Canada website: myadvocis.ca
Alberta Insurance Council (AIC) website: www.abcouncil.ab.ca
Canadian Securities Institute website: www.csi.ca
Insurance Institute of Canada (IIC) website: www.insuranceinstitute.ca
IIC, Career Connections website: www.career-connections.info
LOMA website: www.loma.org/Canada
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Updated Mar 31, 2017. 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.