INSURANCE UNDERWRITERS appraise and select the risks their company will insure. Most insurance underwriters specialize in life, property and casualty, or health insurance. They identify and analyze the risk and loss from their policyholders, establish appropriate premium rates, and write policies covering that risk. Insurance underwriters review and analyze information in insurance applications to determine the degree of risk involved. They outline terms of the contract, including premium amount. Many insurance carriers' computer systems are now linked to different databases on the Internet that allow immediate access to information.
Salary, Size & Growth
- $61,000 average per year ($29.25 per hour)
- A medium occupation (95,400 workers in 2010)
- Expected to decline (0.4% per year)
For beginning INSURANCE UNDERWRITERS, most large insurance companies prefer to hire college graduates with a degree in business administration or finance and courses or experience in accounting. Insurance companies pay tuition for underwriting courses that are successfully completed by the trainees. Independent study programs for experienced property and casualty underwriters are also available. The Insurance Institute of America offers the designation Associate in Commercial Underwriting (AU) for those who complete a series of courses and examinations that usually lasts from one to two years.