National Avg. Salary$72,650 More Salary Data →
Job Growth Rate-11.4% More Growth Data →
Recommended DegreeBachelor's Programs & Degrees →
- Dependable Daily Workload
- Don't Take Work Home
- Good Entry Level Salary
- Growing Industry
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Insurance writers utilize computer applications to assess the risk factor in insurance proposals, establish policy procedures and calculate the premium on basis of statistical and background information.
The duties of an insurance underwriter include the following:
- Develop and maintain good partnerships with clients by notifying them when new products emerge, connecting with them regarding opportunities for improvement and giving them an explanation regarding underwriting decisions made.
- Take stock of and improve the existing marketing plan to enhance business potential – this involves in-person meetings, dissemination of marketing materials on behalf of insurance company partners.
- Keep track of important metrics like renewal retention rates, loss ratio, business hit ratio, etc. and establish corrective action for when applicable.
- Evaluate key reports and documents for the underwriting process like building costs, motor vehicle and inspection logs, etc.
Day In The Life
As an insurance underwriter, you are responsible for deciding whether or not insurance will be provided for a specific case and what the terms were. It is up to you to make a smart choice and decide on a balanced approach between too conservative and excessively liberal policies. These are vital decisions since insurance companies have to plan for billions in risk every year – if policies are very orthodox, there is a potential for loss while very generous packages require companies to foot excess claims.
In this role, you can choose to hone your expertise in areas like auto, homeowners, marine, health, mortgage, life property and casualty. Commercial and personal policies are the area of specialisation for most property or casualty insurance underwriters. If you are offering package policies, you would be well-versed with all the types.
Insurance underwriters typically spend work hours indoors (i.e. around 40 hours per week) at a comfortable office environment. Much of the time is spent working on your own without supervision at a computer. Once in a while, you will be directly communicating with customers and responding to their queries. Travel may be required occasionally if you are dealing with commercial insurance. If your role is similar to property and casualty underwriters, you may have to conduct site visits to assess issues in person.
Growth Of The Job
As per the U.S. Bureau of Labor Statistics (BLS), there will be higher demand for skilled insurance underwriters over the years to generate optimal revenue for insurance carriers. In addition, Job opportunities will be promising for individuals that possess advanced educational credentials and exposure to the finance field. More seasoned underwriters with a few years of experience may pursue the role of a Chartered Property and Casualty Underwriter.
Aspiring candidates will find potential jobs in situations where existing workers have to be replaced or transfer to another profession. A strong communication, finance and computer operation skillset will be a distinct advantage compared to others in the industry. There will be greater need for health insurance compared to other types and more related job vacancies will be reflected in the coming decade.
Most of these professionals work for insurance carriers, agencies and brokerages, determining how best to protect individuals and businesses from losses by calculating risk, determining a premium and writing a policy that covers this risk.
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Insurance Underwriter Salary Data
We've provided you the following to learn more about this career. The salary and growth data on this page comes from recently published Bureau of Labor Statistics data while the recommendations and editorial content are based on our research.
National Annual Salary
National Hourly Wage
How do Insurance Underwriter salaries stack up to other jobs across the country? Based on the latest jobs data nationwide, Insurance Underwriter's can make an average annual salary of $72,650, or $35 per hour. On the lower end, they can make $49,290 or $24 per hour, perhaps when just starting out or based on the state you live in.
Salary Rankings And Facts
#180 Nationally for All Careers
Above Average Salary Nationally
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How To Become
As an insurance underwriter, you would require a bachelor’s degree in finance, accounting, business, economics, mathematics or another relevant field. You can also acquire the appropriate skills through a number of internships and summer employment. Many start out in this career path as trainees or apprentices under the direction of senior underwriters. As a trainee that is working alongside seasoned underwriters, you are expected to learn central concepts regarding underwriting policies, procedures, and related techniques.
Trainees work on basic applications and learn the most common risk factors. Tax laws can be quite complex and a solid knowledge of insurance-related regulations or policies is essential to succeed in this field. To advance to more senior positions, it is recommended that you eventually complete a master’s degree, e.g. MBS in Finance or Accounting.
This career path is a great fit for individuals that thrive on high attention to detail, data analysis and facts assessment. You must also demonstrate good judgement and integrity to work for an insurance company with an objective demeanor. Gaining a certification is often necessary to advance to more senior positions such as senior underwriter, underwriter manager, etc.
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Recommended Min. Degree
Programs and Degrees
Here are the most common degrees for becoming an Insurance Underwriter. a Bachelor's is usually recommended and specifically a degree or coursework that prepares you for the particular field, see below.
Highest Education Among Insurance Underwriter
- 1.9% Doctorate
- 7.8% Masters
- 45.7% Bachelors
- 7.4% Associates
- 22% College
- 15% High School
- 0.3% Less than High School
Job Growth Projections and Forecast
2014 Total Jobs103,400
2024 Est. Jobs91,600
Job Growth Rate-11.4%
Est. New Jobs-11,800
How does Insurance Underwriter job growth stack up to other jobs across the country? By 2024, there will be a change of -11,800 jobs for a total of 91,600 people employed in the career nationwide. This is a -11.4% change in growth over the next ten years, giving the career a growth rate nationwide of Above Average.
Growth Rankings And Facts
#753 Nationally for All Careers
Above Avg. Growth Nationally
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