Insurance underwriters
review applications for insurance, evaluate risks, and determine the extent and cost of coverage.
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Full NOC Description
Insurance underwriters review and evaluate insurance applications to determine insurance risks, insurance premiums and extent of insurance coverage according to company policies. They are employed at head and branch offices of insurance companies.
Main Duties
This group performs 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.
Also Known As
- group underwriter
- insurance underwriter
- liability underwriter
- property underwriter
Employment 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.
Provincial Regulation
Not Provincially Regulated
The following graph shows the percentage of men and women working in this occupation in New Brunswick.
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The following graph shows the breakdown of all persons working in this occupation in New Brunswick by age group.
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The following graph shows the breakdown of all persons working in this occupation in New Brunswick by highest level of education achieved.
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The following graph shows the industry groups in which the largest shares of persons working in this occupation in New Brunswick are employed. Small percentages for all top three industry groups may suggest employment for this occupation is widely distributed amongst many industry groups.
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The following graph shows the breakdown of all persons employed in this occupation in New Brunswick by which economic region they reside in.
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Economic Regions
The following map displays New Brunswick’s five economic regions. An economic region (ER) is a grouping of counties, created as a standard unit for analysis of regional economic activity across Canada.
The following graph shows the average salary of all persons employed in this occupation in each of New Brunswick’s five economic regions.
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Economic Regions
The following map displays New Brunswick’s five economic regions. An economic region (ER) is a grouping of counties, created as a standard unit for analysis of regional economic activity across Canada.
The following represents the median hourly wage of all persons employed in this occupation in each of New Brunswick’s five economic regions.
The following shows the average salary of everyone who worked full-time and year-round in this occupation across each of the Atlantic Provinces and nationally.
The following represents the number of job openings that are expected to occur in this occupation over the next three and ten years respectively, broken down by openings expected to result from growth (“new jobs”) and openings expected to result from attrition (death and retirements).
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