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Insurance Underwriters (NOC 1234)DescriptionInsurance 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. Example Titles
Classified Elsewhere
DutiesInsurance underwriters perform some or all of the following duties:
SkillsInsurance underwriters need an interest in providing appropriate insurance services to individuals and companies and the following skills and abilities:
Employment Requirements
Terms & ConditionsInsurance underwriters usually work full-time in an office environment, but may occasionally work longer hours to meet deadlines during busy times. The work also requires some travel to attend company meetings, meet with clients, or to conduct on-site risk assessments. Workers may experience stress as there are frequently tight deadlines and agents often push for quick answers. As well, poor decisions or errors can be costly for the company. Almost all insurance underwriters work full time (99%). Part time work and self-employment are rare. The majority (73%) of the workers are female. Earnings$30,300 per annum - starting $46,600 per annum - average $70,100 per annum - high Earnings are reviewed annually or more frequently if new information becomes available. Education / Training
Career PathsUnderwriters often have experience in the insurance industry in various clerical or administrative jobs. College or university graduates may start as underwriter trainees or assistant underwriters. Underwriters may specialize in various aspects of the insurance industry: auto insurance, fleet insurance, commercial, industrial or residential property insurance, life insurance, disability insurance, or re-insurance. Experienced underwriters who complete courses of study may advance to senior underwriter or underwriting manager positions. Some underwriting managers are promoted to senior managerial jobs. Other underwriters obtain licenses to sell insurance and related financial products as agents or brokers or financial planners. OutlookEmployment prospects for insurance underwriters are expected to be good in the 2010 - 2014 period. The number employed in Manitoba in 2010 is estimated at 480. Future demand for underwriters will depend on the volume and range of insurance products and new offerings that become available. While underwriters can specialize in life, health, property or casualty insurance, some areas are likely to be more dynamic. An aging population will require more health and long term care insurance options. The growing use of the internet for business and personal use will increase the need for new insurance products to cover risks such as identity theft. However, this is a small occupational group and most job openings will occur because of retirements, or promotions to management positions. Insurance adjusters are located in most regions of Manitoba. The majority (75%) are located in Winnipeg, where several major companies have their national or regional offices. Almost all members of this occupational group work in the Finance and Insurance industry. Employment by Age Group
Employment by Industry
Employment by Region
Employment by Gender
Employment by Aboriginal Self-Identification
Employment by Visible Minority
Please Note - The source for above charts is the 2006 Census. Professional Associations, Unions, and Regulatory Bodies...
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