Insurance underwriters

NOC

12202

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

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

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

78.8%

Female

21.2%

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

4.6%

15-24

20.0%

25-34

38.5%

35-44

18.5%

45-54

18.5%

55-64

0.0%

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

13.8%

High School, Diploma or Equivalent

0.0%

Apprenticeship or Trades Certificate or Diploma

0.0%

College or University Below Bachelor Level

41.5%

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

N/A

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

N/A

Northeast

66.20%

Southeast

29.20%

Southwest

N/A

Central

N/A

Northwest

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 Average Salary by Economic Regions

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

Data legend

N/A

Northeast

$58,000

Southeast

$66,000

Southwest

N/A

Central

N/A

Northwest

Economic Regions

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.

Salary

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.

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).

Occupational Profiles