What Does it Take to Be an Insurance Underwriter?
Career Description Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Life As an Insurance Underwriter
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
- Decline excessive risks.
- Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
- Authorize reinsurance of policy when risk is high.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
What an Insurance Underwriter Should Know
These are the skills Insurance Underwriters say are the most useful in their careers:
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.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
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.
Types of Insurance Underwriter Jobs
- Property Underwriter
- Underwriting Manager
- Underwriting Service Representative
- Health Underwriter
- Life Underwriter
Are There Job Opportunities for Insurance Underwriters?
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. The BLS estimates 7,500 yearly job openings in this field.
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.
Do Insurance Underwriters Make A Lot Of Money?
Insurance Underwriters make between $42,260 and $122,840 a year.
Insurance Underwriters who work in New Hampshire, District of Columbia, or New Jersey, make the highest salaries.
Below is a list of the median annual salaries for Insurance Underwriters 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 |
What Tools & Technology do Insurance Underwriters Use?
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
What education or degrees do I need to become an Insurance Underwriter?
What work experience do I need to become an Insurance Underwriter?
Where Insurance Underwriters Work
The table below shows some of the most common industries where those employed in this career field work.
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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