An insurance underwriter helps assess risks, analyze payment and premiums related to those risks, and determine if a business or entity should be insured. Insurance underwriters typically work in an insurance company and must have strong accounting and statistical analysis skills.The underwriter may be asked to assess insurance companies' policy decisions that are outside the role or capability of field agents. They assess risk and either accept, reject, or modify potential policy applications. In addition, most companies want their underwriters to help build business by seeking new potential customers that fall within the risk analysis scenario of the insurer. As such, underwriters must be able to not only think analytically, but also be able to find possible new opportunities for their organization.Insurance underwriters may be asked to look at existing policies and situations as well, particularly after a settlement has occurred. The underwriter must determine if new risk applies and then must make policy decisions to modify, continue, or decline further coverage.This position typically requires, at minimum, a bachelor’s degree in finance or accounting. In addition, further company or field-specific training and certification may be required. Many companies choose to hire insurance underwriters only after a person has first gained experience in the industry as an associate underwriter.

The job role of Insurance Underwriter in Canada is projected to experience steady growth in the market. According to a 10-year analysis, the demand for Insurance Underwriters is expected to increase due to the expanding insurance industry and evolving risk landscape. With increasing complexities in the insurance market, employers will seek skilled professionals to analyze and assess risks effectively. Furthermore, the rise in retirement rates among current Insurance Underwriters will create additional employment opportunities. Overall, the future looks promising for this role, offering a stable and growing job market for Insurance Underwriters in Canada.

How to Learn

As an Insurance Underwriter with 6-9 years of experience in Canada, your main responsibilities include:<ul><li> Evaluate insurance applications and assess risks to determine coverage and premium rates accurately. Analyze applicant information, such as financial records and medical history, to make informed underwriting decisions.</li><li> Develop and maintain relationships with insurance agents and brokers to obtain necessary information and negotiate terms. Collaborate with agents and brokers to gather relevant data and negotiate policy terms and conditions.</li><li> Review policy documents and endorsements to ensure accuracy and compliance with underwriting guidelines and regulations. Conduct thorough policy reviews to verify accuracy, identify potential discrepancies, and ensure compliance with underwriting standards.</li><li> Monitor and manage the performance of assigned insurance portfolios, including analyzing loss trends and recommending risk mitigation strategies.</li></ul>

Roles & Responsibilities

Average take home Salary for a Insurance Underwriter in Canada is around C$62954 per year

Salary Breakup

A Insurance Underwriter is accountable to evaluate insurance applications as well as assessing risk and determining the right insurance coverage and rates for customers. They look at various aspects like health, age job, occupation, and driving records to assess the probability of claiming. They carefully scrutinize medical reports, financial statements and other pertinent documents to ensure their accuracy. They work with brokers and agents to agree on terms and conditions that are in line with the guidelines of the insurance company. Insurance Underwriters play an essential part in managing risks and ensuring the viability of insurance policies, both for the business and the customer.

Breakup	Range
Base Salary	null - null
Bonus	null - null
Profit Sharing	null - null
Total Pay	null - null

Insurance Underwriter

Salary Breakup

Skills That Affect Insurance Underwriter Salaries

Explore

More

Get in Touch with Us