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- Version:
- NOC 2021 Version 1.0
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12202 – Insurance underwriters
Insurance underwriters review and evaluate insurance applications to determine insurance risks, insurance premiums and extent of insurance coverage according to company policies. They are employed at head and branch offices of insurance companies.
Profile
Example titles
- Group underwriter
- Insurance underwriter
- Liability underwriter
- Property underwriter
Inclusions
- Casualty insurance products analyst-designer
- Insurance rating analyst
Main duties
This group performs some or all of the following duties:
- Review individual and group applications for automobile, fire, health, liability, life, property, marine, aircraft and other insurance
- Evaluate new and renewal applications to determine insurance risks, insurance premiums, extent of insurance coverage and other conditions of the insurance contract using medical reports, rate tables and other documents and reference materials; adjust premiums, coverage or risk itself to make acceptance of new and renewal applications possible
- Approve sale of insurance policies and ensure compliance with government regulations
- Provide recommendations on individual or group insurance plan designs
- Provide underwriting advice and answer inquiries from clients and from insurance agents, consultants and other company personnel
- Prepare underwriting reports and update insurance forms when necessary.
Employment requirements
- Completion of secondary school and some general insurance experience or a bachelor's degree, college diploma or some post-secondary education is required.
- Several years of on-the-job training and completion of insurance industry underwriting courses and training programs are required.
Additional information
- Completion of educational programs through the Insurance Institute of Canada or its provincial counterparts entitles insurance underwriters to professional recognition as a Chartered Insurance Professional (CIP) and, with additional university courses, as a Fellow, Chartered Insurance Professional (FCIP).
- Progression to management positions in the insurance industry is possible with experience.
Exclusions
- Insurance agents and brokers (63100)
- Insurance manager (in 10020 Insurance, real estate and financial brokerage managers)
Breakdown summary
- Broad occupational category
- 1 – Business, finance and administration occupations
- TEER
- 2 – Occupations usually require a college diploma or apprenticeship training of two or more years; or supervisory occupations
- Major group
- 12 – Administrative and financial supervisors and specialized administrative occupations
- Sub-major group
- 122 – Accounting, insurance and related business administrative occupations
- Minor group
- 1220 – Accounting, insurance and related business administrative occupations
- Version
- NOC 2021 Version 1.0