What is an Insurance Underwriter?
Position Description Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
What Do Insurance Underwriters Do On a Daily Basis?
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
- Authorize reinsurance of policy when risk is high.
- Decline excessive risks.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
- Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
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What Skills Do You Need to Work as an Insurance Underwriter?
Insurance Underwriters state the following job skills are important in their day-to-day work.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Speaking: Talking to others to convey information effectively.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Related Job Titles for this Occupation:
- Marine Underwriter
- Automobile and Property Underwriter
- Underwriter
- Underwriting Director
- Account Underwriter
Insurance Underwriter Employment Estimates
In 2016, there was an estimated number of 104,100 jobs in the United States for Insurance Underwriter. There is little to no growth in job opportunities for Insurance Underwriter. Due to new job openings and attrition, there will be an average of 7,500 job openings in this field each year.
The states with the most job growth for Insurance Underwriter are Utah, Arizona, and Maryland. Watch out if you plan on working in Vermont, Maine, or Wyoming. These states have the worst job growth for this type of profession.
Salary for an Insurance Underwriter
The salary for Insurance Underwriters ranges between about $42,260 and $122,840 a year.
Insurance Underwriters who work in New Hampshire, District of Columbia, or New Jersey, make the highest salaries.
How much do Insurance Underwriters make in different U.S. states?
| State | Annual Mean Salary |
|---|---|
| Alabama | $60,750 |
| Alaska | $67,430 |
| Arizona | $73,290 |
| Arkansas | $55,290 |
| California | $88,140 |
| Colorado | $77,170 |
| Connecticut | $85,010 |
| Delaware | $67,330 |
| District of Columbia | $87,010 |
| Florida | $70,900 |
| Georgia | $81,290 |
| Hawaii | $67,040 |
| Idaho | $68,710 |
| Illinois | $75,690 |
| Indiana | $77,190 |
| Iowa | $71,680 |
| Kansas | $74,630 |
| Kentucky | $69,940 |
| Louisiana | $69,440 |
| Maine | $68,390 |
| Maryland | $77,650 |
| Massachusetts | $82,540 |
| Michigan | $70,270 |
| Minnesota | $68,410 |
| Mississippi | $65,530 |
| Missouri | $68,250 |
| Montana | $76,830 |
| Nebraska | $68,120 |
| Nevada | $67,260 |
| New Hampshire | $81,280 |
| New Jersey | $88,510 |
| New Mexico | $61,050 |
| New York | $92,810 |
| North Carolina | $78,220 |
| North Dakota | $68,310 |
| Ohio | $74,370 |
| Oklahoma | $59,820 |
| Oregon | $72,570 |
| Pennsylvania | $77,300 |
| Rhode Island | $71,260 |
| South Carolina | $55,320 |
| South Dakota | $78,370 |
| Tennessee | $68,630 |
| Texas | $68,390 |
| Utah | $60,040 |
| Vermont | $65,610 |
| Virginia | $68,950 |
| Washington | $81,210 |
| West Virginia | $58,830 |
| Wisconsin | $68,670 |
Tools & Technologies Used by Insurance Underwriters
Below is a list of the types of tools and technologies that Insurance Underwriters may use on a daily basis:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Web browser software
- Word processing software
- Spreadsheet software
- Database software
- LexisNexis
- Delphi Technology
- C++
- Fannie Mae Desktop Underwriter
Becoming an Insurance Underwriter
Individuals working as an Insurance Underwriter have obtained the following education levels:
How many years of work experience do I need?
Where do Insurance Underwriters Work?
The table below shows the approximate number of Insurance Underwriters employed by various industries.
References:
Image Credit: Nick Youngson via Creative Commons 3 - CC BY-SA 3.0
More about our data sources and methodologies.
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