Insurance underwriters

Insurance underwriters

NOC
1313

Review applications for insurance, evaluate risks, and determine the extent and cost of coverage.

Quick facts

3 Year Outlook

Good
Good

3 Year Job Openings

34
 

Median Hourly Wage

$23.56
$18.00
Low
$40.00
High

Median Salary

$48,873
 

Typically Required

College or apprenticeship

Employed

302
 

% Working Full Time

97%
 

% Working Full Year

85%
 
Job details

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. Insurance underwriters are employed at head and branch offices of insurance companies.

Main 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.

Also Known As

  • group underwriter
  • insurance underwriter
  • liability underwriter
  • property underwriter
Requirements

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

Employment by Sex

The following graph shows the percentage of men and women working in this occupation in New Brunswick.

Data legend

86.9%
Female
13.1%
Male
Employment by age

The following graph shows the breakdown of all persons working in this occupation in New Brunswick by age group.

Data legend

4.8%
15-24
30.6%
25-34
19.4%
35-44
19.4%
45-54
22.6%
55-64
3.2%
65+
Employment by highest level of education

The following graph shows the breakdown of all persons working in this occupation in New Brunswick by highest level of education achieved.

Data legend

0.0%
No Certificate, Diploma or Degree
20.0%
High School, Diploma or Equivalent
8.3%
Apprenticeship or Trades Certificate or Diploma
38.3%
College or University Below Bachelor Level
33.3%
University - Bachelor Level or Above
Employment by Industry

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.

Data legend

100.0%
Finance and insurance
0.0%
N/A
0.0%
N/A
0.0%
All Other Industries
Employment by Economic Regions

The following graph shows the breakdown of all persons employed in this occupation in New Brunswick by which economic region they reside in.

Data legend

3.30%
Northeast
62.30%
Southeast
27.90%
Southwest
6.60%
Central
0.00%
Northwest
Province of New Brunswick Economic Regions

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.

Annual Median Salary by Economic Regions

The following graph shows the median salary of all persons employed in this occupation in each of New Brunswick’s five economic regions.

Data legend

N/A
Northeast
$46,636
Southeast
$53,228
Southwest
N/A
Central
N/A
Northwest
Province of New Brunswick Economic Regions

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.

Hourly Median Wages by Economic Regions

The following represents the median hourly wage of all persons employed in this occupation in each of New Brunswick’s five economic regions.

No Data Available

Southeast

$23.08
$18.00
Low
$26.44
High

Southwest

$23.56
$18.00
Low
$40.00
High
No Data Available
No Data Available
Salary

This following represents the median salary of all persons employed in this occupation compared to the median salary of workers employed in this occupation that work full-time year-round.

All Workers Employed in this Occupation

$48,873

Workers Employed Full-time, Full-year

$52,207

This following represents the median salary of persons employed in this occupation across each of the Atlantic Provinces and nationally.

New Brunswick

$48,873

Newfoundland

$49,231

Prince Edward Island

$43,152

Nova Scotia

$49,847

Canada

$56,777
Employment Outlook

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).

Three Year Outlook

Total Openings: 3 Year

34
 

New Jobs: 3 Year

4
 

Retirements/Deaths: 3 Year

29
 

Ten Year Outlook

Total Openings: 10 Year

115
 

New Jobs: 10 Year

22
 

Retirements/Deaths: 10 Year

91