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Insurance Underwriters

Insurance Underwriters
Quick Facts : Insurance Underwriters*
2010 Median Pay$59,290
Entry Level EducationBachelor's degree
Work Experience in Related OccupationNone
Number of Jobs, 2012101,800
Job Outlook6% (Slower than average)
Employment Change6,000


Insurance underwriters specialize in deciding whether to provide insurance and under what terms by evaluating insurance applications. Insurance underwriters use computer software programs to determine whether to approve an applicant. From there, the can determine coverage amounts and premiums.

What Insurance Underwriters Do

  • Analyze information in insurance applications
  • Screen applicants on the basis of set criteria
  • Evaluate recommendations from underwriting software
  • Determine appropriate premiums and amounts of coverage
  • Write policies to cover potential loss

Work Environment

Insurance underwriters work indoors in comfortable offices. Most work full time.
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Job Outlook

Employment of underwriters is expected to increase 6 percent from 2010 to 2020 as the population ages, there will likely be increased demand for long-term care insurance.
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Pay

The average salary of insurance underwriters was $59,290 in May 2010.
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Insurance Underwriters*
Average Annual Salary, May 2010

Insurance Underwriters

59290

Finance Occupations

59143.0435

All Jobs in the U.S.

52312.5223
Insurance Underwriters*
Percent Change in Employment

Insurance Underwriters

5.89391

Finance Occupations

18.39732977618342

All Jobs in the U.S.

15.767561808929724

Becoming a Insurance Underwriters

Employers prefer to hire candidates who have a bachelor's degree. However, insurance-related work experience and strong computer skills may be enough. Certification is necessary for advancement to senior underwriter and underwriter manager positions.
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