All About Insurance Underwriters
Job Description & Duties Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Life As an Insurance Underwriter: What Do They Do?
- Decline excessive risks.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
- Authorize reinsurance of policy when risk is high.
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
- Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe, profitable distribution of risks, using reference materials.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
Skills Needed to be an Insurance Underwriter
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.
Related Job Titles
- Commercial Lines Underwriter
- Insurance Writer
- Personal Lines Underwriter
- Underwriting Consultant
- Marine Underwriter
What Kind of Insurance Underwriter Job Opportunities Are There?
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
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.
How much do Insurance Underwriters make in each U.S. state?
| 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
Although they’re not necessarily needed for all jobs, the following technologies are used by many Insurance Underwriters:
- 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?
How Long Does it Take to Become an Insurance Underwriter?
Where do Insurance Underwriters Work?
Insurance Underwriters work in the following 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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