An actuary applies mathematics, statistical methods and risk theory to calculate insurance premiums. An actuary will also assess the level of an insurance company's claims reserves by tracking payment statistics. He/she evaluates the risks that expose the insurance company to claims and puts a monetary value to those risks. An actuary is responsible for assisting insurance company executives in managing their portfolio risk through the use of sophisticated mathematical models. He/she analyzes insurance rates for things such as cars, homes or life insurance. An actuary estimates the amount of money needed to be set-aside for claims that have not yet been paid and forecasts potential impact of catastrophes. 

• A high standing undergraduate degree in actuarial sciences, math, statistics or actuarial mathematics is helpful in completing professional actuarial certifications
• Professional status with Casualty Actuarial Society or the Society of Actuaries
• Understanding of business administration and risk management
• Experience in statistical analysis, finance and/or commerce
• Specialized mathematical knowledge in calculus, statistics and probability
• Keen analytical, project management and problem solving skills
• Solid oral and written communication skills
• Computer proficiency
• Self-motivation and ambition, with an ability to work with others

If you have experience in the field of mathematics or actuarial science, your first step toward a career in this field is to attain your professional qualifications. Actuaries must achieve professional status by passing a set of exams offered by the Casualty Actuarial Society and the Society of Actuaries. Once students have completed one or more recognized college courses, they can begin with a Validation of Educational Experience (VEE) exam. As criteria for writing the VEEs, students must achieve at least a B grade or equivalent in courses approved by the Canadian Institutes of Actuaries (CIA), Society of Actuaries (SOA) and Casualty Actuarial Society (CAS).

EARNING POTENTIAL

Earning potential for this role depends on education, experience and geographic region. Much weight is given to those with specialized experience and achievement in associate and fellowship programs. Many employers offer performance-linked and successful examination bonuses.

Internship with one exam completion     From $40,000 - $60,000
Junior - Intermediate Level                    From $60,000 - $100,000
Intermediate - Senior Level                   From $100,000 - $200,000+

FUTURE PROSPECTS

Employment opportunities for actuaries are expected to increase. The increase will be largely due to heightened risk awareness and the financial consequences of large catastrophes. There is already a growing demand for professionals who are skilled at managing programs that control risk and can forecast and help organizations prepare for when a disaster strikes.

If you speak one or more foreign languages, there are also possibilities to work abroad.

New professionals to the field will also be needed to replace retiring workers and meet the needs of a growing population. These combined factors will create a substantial number of job

An appraiser is responsible for inspecting insured personal property (i.e. car, home, jewelry) for which a claim has been submitted due to an accident, theft or fire. He/she estimates the loss of or damage to personal property and reports to the insurance company's claims adjuster. An appraiser works with the adjuster and replacement or repair suppliers to find the most cost-effective way to return clients' property back to the state it was in before their loss. An appraiser evaluates insured items such as homes, buildings and structures (including farms). He/she reviews and analyzes data such as past sales, title searches, engineering and alignment maps, coil maps, subdivision plans, water and sewer plans, location cost data and easements. An appraiser presents and clarifies assessment processes to rate payers. He/she prepares appraisal reports for lending agencies, insurance companies, government departments, courts, attorneys, creditors, buyers or auctioneers. 

• A college diploma or university degree is an asset
• Desire to learn new things and keep up with technological changes
• Strong interpersonal skills
• Computer proficiency
• Detail-oriented and inquisitive
• Advanced written and spoken communication skills
• Ability to write about and/or review scope of repairs
• Ability to completely inspect automobiles, homes, buildings and structures (visually and physically)
• Understanding of insurance principles and current market trends
• Understanding of building construction or vehicle repair
• Professional, friendly and courteous in all interactions.

A variety of skill sets are necessary within the Appraiser profession. Your experience in one of the fields listed can lead you to a successful career in the insurance industry.

Transportation:

Your experience working with vehicles, which may have given you a first hand knowledge of vehicle repair processes, may make you an excellent fit for the role of appraiser. To be successful as an appraiser, you will need to couple this specialized knowledge with a greater understanding of insurance principles. The General Insurance Education (GIE) courses and the Chartered Insurance Professional (CIP) courses offered by the Insurance Institute can get you started in the industry. The links on the right will get you connected to more information.

Construction:

Your experience in the construction industry may have provided you with a working knowledge of building construction practices and the ability to review complicated building plans. To be a successful appraiser, you will need to couple this specialized knowledge of the construction industry with a greater understanding of insurance principles. The General Insurance Education (GIE) courses and the Chartered Insurance Professional (CIP) courses offered by the Insurance Institute can get you started in the industry. The links on the right will get you connected to more information.

Agriculture:

Your experience in the agriculture industry and your familiarity with the processes and equipment used for agricultural operations make you an excellent fit for the appraiser role. To be a successful appraiser, you will need to couple this specialized knowledge of the agriculture industry with a greater understanding of insurance principles. The General Insurance Education (GIE) courses and the Chartered Insurance Professional (CIP) courses offered by the Insurance Institute can get you started in the industry. The links on the right will get you connected to more information.

Engineering:

Your experience as an engineer, with your acquired knowledge of the planning and building of infrastructure, may make you a great candidate for this career path. To be a successful appraiser, you will need to couple this specialized knowledge of the civil engineering industry with a greater understanding of insurance principles. The General Insurance Education (GIE) courses and the Chartered Insurance Professional (CIP) courses offered by the Insurance Institute can get you started in the industry. The links on the right will get you connected to more information.

EARNING POTENTIAL 

Earning Potential for this role depends on education, experience and geographic region. Much weight is given to those with specialized education (ie. CIP designation (link to 3.2.4), experience and skills. Many employers offer performance-linked bonuses.

Entry - Junior Level                  $30,000 - $40,000
Junior - Intermediate                $40,000 - $50,000
Intermediate - Senior               $50,000 - $75,000

FUTURE PROSPECTS

Across Canada, employment opportunities for appraisers are on the rise. The increase is largely due to organizations' ability to respond to new businesses and claims. Starting in 2009, appraisers will also need to replace retiring workers and meet the needs of an increasing population, especially in urban centres. This has already created a substantial number of job openings and professional opportunities.

Insurance brokers are independent business people.  Brokers bring customers and insurance companies into a contractual relationship. A broker manages all aspects of the insurance transaction; advising the client, arranging and invoicing the policy and facilitating claims. He/she identifies the exposure to risk that consumers face and protects them from that exposure. A broker services the portfolios of existing clients and works to bring new clients on board. He/she helps consumers to deal with loss by ensuring the claims process moves as quickly and efficiently as possible. A broker prepares reports, maintains records, and keeps track of a client's changing needs by maintaining relationships. Brokers have the option of owning a brokerage firm or working for one.

• A college diploma or university degree in any subject
• Possess, or willing to attain, appropriate license
• Excellent communication and interpersonal skills
• Ability to understand and communicate complex information
• A background in business administration, retail sales or marketing is an asset
• Independent and organized

A variety of skills sets are necessary within the Broker profession. Your experience in one of the fields listed can lead you to a successful career in the insurance industry.

Sales:

Your prior sales experience may be essential to your success in this position. While certifications and/or the CIP designation are required for brokers, many employers encourage individuals with 2 or more years of sales experience to apply to these positions, provided they display a willingness to attain the necessary certifications/licensing process in the province. The Insurance Institute's Chartered Insurance Professional (CIP) designation is also valuable for someone in this field. The links on the right will get you connected to more information.

Mechanic:

Your experience as a mechanic may have prepared you for this role. You have specialized knowledge of the risk inherent in owning and operating a vehicle and are well-suited to help people meet their automobile insurance needs. You may also own your own shop, which may give you the entrepreneurial skills necessary to eventually operate your own brokerage. Your experience working with the public, and explaining complicated repairs, may aid you in explaining insurance policies and practices to your clients. Brokers are required to be licensed, however, so you will need to obtain the required licenses/certifications in your province. The Insurance Institute's Chartered Insurance Professional (CIP) designation is also valuable for someone in this field. The links on the right will get you connected to more information.

Manufacturing:

Your experience in and knowledge of the manufacturing industry may have prepared you for a career as a broker. You have specialized knowledge of the risks inherent in operating a manufacturing facility and are thus able to help people understand these risks and help them with the right insurance coverage. Brokers are required to be licensed, however, so you will need to obtain the required licenses/certifications in your province. The Insurance Institute's Chartered Insurance Professional (CIP) designation is also valuable for someone in this field. The links on the right will get you connected to more information.

Agriculture:

Your experience in the agriculture industry, with your knowledge of the processes and procedures involved in a farming operation, may have prepared you to become an insurance broker. You have specialized knowledge of the risk inherent in owning and operating a farm and are well-suited to help clients to choose the right insurance coverage. Brokers are required to be licensed, however, so you will need to obtain the required licenses/certifications in your province. The Insurance Institute's Chartered Insurance Professional (CIP) designation is also valuable for someone in this field. The links on the right will get you connected to more information.

EARNING POTENTIAL

Earning potential for this role depends on education, experience and geographic location. Many employers offer performance-based bonuses in addition to salary.

Entry - Junior              From $24,000 to $30,000
Junior - Intermediate    From $40,000 to $60,000
Intermediate - Senior   May go well over $100,000

FUTURE PROSPECTS

Ongoing career opportunities within this field reflect both the range in scale of brokerage firms and the increasingly international scope of the industry. With a smaller firm you may pursue a rewarding local or regional career, while larger and international firms will enable you to take on national and international responsibilities.

A broker role can also be an excellent starting point for a broad range of insurance-related careers. Many of those who specialize in specific areas of insurance, like marine, aviation or environment, started their careers by training as insurance brokers. Others move into management roles - managing a team of brokers or several branches of a brokers' company - or other functions within the industry, including underwriting, new business development, risk management or adjusting.

Employment opportunities for brokers are expected to increase. The increase is largely due to a large number of retiring workers and our increasing population. This will create a substantial number of job openings and opportunities.

A claims investigator explores the facts of a claim to determine if the claim is valid. He/she decides on the extent and validity of a claim. A claims investigator can also prevent fraudulent claims by determining the claim's authenticity. He/she coordinates the services that may be required by policy holders following an incident. A claims investigator helps insurance companies to settle claims quickly. An investigator uses a combination of tools, including interviews and  cutting-edge software to help evaluate claims. He/she investigates defective products that may cause injury or damage or may investigate events (such as an oil spill) for which a company may be liable.  An investigator manages multiple cases with confidence and accuracy, and responds well to working to targets and tight deadlines. He/she must also prepare reports, maintain records and keep track of evidence trails and interview statements. Claims investigators and forensic specialists have the option of being independent consultants, working for a variety of government and public organizations or working for insurance companies. Some of the job titles associated with this field are corporate claims analyst, fire investigator, forensic engineer, forensic accountant, special investigator, construction claims analyst, forensic analyst, field investigations, independent investigator and fraud examiner.

• A diploma in law enforcement or criminal justice would be an asset
• Exceptional interpersonal skills
• Sense of mutual respect and fairness
• Demonstrates professional and ethical behaviour in all decision-making
• Keen interest and experience in civil law, insurance law and rules of evidence and procedure
• On-the-job experience with negotiation and law enforcement procedures
• Computer proficiency

A variety of skill sets are necessary within the Claims Investigator profession. Your experience in one of the fields listed can lead you to a successful career in the insurance industry.

Law Enforcement:

If you possess extensive experience and education in the law enforcement field, then you are a perfect candidate for this role. General insurance knowledge, particularly that surrounding insurance law, will increase your ability to succeed in this career. Get connected here for more information about the insurance education programs offered by the Insurance Institute.

Certifications in fraud examination are also available through the Association of Certified Fraud Examiners.

Construction:

Your knowledge of structures, buildings and homes may make you a good candidate for this career choice. You may find law enforcement or criminal justice courses, offered by a local college, will enhance your skill set to better prepare you for this role. For additional information on such courses, contact your local college. General insurance knowledge, particularly surrounding insurance law, will increase your ability to succeed as an investigator. Get connected here for more information about the programs offered by the Insurance Institute. Certifications in fraud examination are also available through the Association of Certified Fraud Examiners.

Environmental Science:

Your experience in the field of environmental science may make you a good fit for the role of claims investigator for cases with environmental consequences. Your knowledge of environmental systems and your research and investigation experience make this career a great choice. You may find law enforcement or criminal justice courses, offered by a local college, will enhance your skill set to better prepare you for this role. For additional information on such courses, contact your local college. General insurance knowledge, particularly surrounding insurance law, will increase your ability to succeed as an investigator. Get connected here for more information about the programs offered by the Insurance Institute.  Certifications in fraud examination are also available through the Association of Certified Fraud Examiners.

EARNING POTENTIAL

Earning potential for this role depends on education, experience, and geographic region. Much weight is given to those with specialized education (ie CIP designation), experience and skills. Many employers offer performance-linked bonuses.

Entry - Junior Level                  $30,000 - $40,000
Junior - Intermediate                $40,000 - $50,000
Intermediate - Senior               $50,000 - $75,000

FUTURE PROSPECTS

Employment opportunities for claims investigators are expected to increase. The increase will be largely due to heightened fraud awareness combined with new laws and regulations. There is already a growing demand for professionals who are skilled at detecting and investigating fraud. New professionals to the field will also need to replace retiring workers and meet the needs of an increasing population. These combined factors will create a substantial number of jobs.

Loss adjusters investigate insurance claims arising out of losses such as fires, car accidents, and burglaries.  They determine the amount of damage or loss covered by the insurance policy. He/she makes recommendations regarding payment of benefits, based on the coverage noted on the insurance policy and negotiates payment and settlement. An adjuster may be employed by an insurance company or may act as an independent contractor. He/she ensures that those who have suffered a loss receive the benefits and assistance to which they are entitled. In disputed claims, an adjuster may also be required to investigate the cause of the loss - how a fire started, why a plane went down, etc. An adjuster investigates, negotiates and settles a variety of claims in an efficient manner and in compliance with a variety or requirements. He/she investigates and adjusts a variety of losses varying in size and complexity. He/she conducts witness interviews, takes statements and consults with police reports. An adjuster is required to report in a variety of ways - written, e-mail, on-line, and must present or report on these findings, propose solutions and negotiation settlements and agreements with third parties, clients or other concerned parties. He/she is responsible for inspecting and/or evaluating damages when required.  This may include estimating costs or commercial value, examining reports or other documents, evaluating losses, establishing claims guidelines, and quantifying settlement amounts. An adjuster participates in private and/or mandatory mediation, settlement meetings, settlement conference, pre-trails, court proceedings and other dispute resolution mechanisms as required. Loss adjusters are often hired by insurance companies, government services, and independent adjusting firms. Some examples of specialization within this field are: bodily injury (BI) claims, accident benefits (AB) claims, field claims representative, claims examiner, marine insurance coordinator, catastrophe adjusters, claims assistant, physical damage (PD) claims, claims specialist, telephone adjuster, road adjuster, property or liability adjuster, technical service representative, and call centre agent

• At minimum, a university degree or specialized college diploma in criminal studies, law and security or business administration is required
• Must have, or be willing to attain, appropriate license requirements
• Understanding of criminal or civil investigation
• Ability to analyze medical reports
• Computer proficiency
• Strong interpersonal and communication skills
• Exceptional negotiation, decision-making, problem-solving and investigation skills
• Understanding of, or working knowledge of, current industry legislation
• Analytical and thorough
• Aptitude in dispute resolution

A variety of skills sets are necessary for the Loss Adjusting profession. Your experience in one of the fields listed can lead you to a successful career in the insurance industry.

Law Enforcement Background:

Your formal legal education and the skills you have gained from your experience in the legal industry may make this career an excellent choice. Your experience working with legal documents and your knowledge of Canadian legislation may help you succeed. You will be required, however, to meet the appropriate licensing requirements in your region. A greater understanding of insurance legislation will also prepare you for this role. Consider taking the General Insurance Education (GIE) courses or Chartered Insurance Professional (CIP) courses offered by the Insurance Institute. The liks on the right will get you connected to more information about these programs.

Health Sciences Background:

Your formal health sciences education and the skills you have gained from your experience in the health industry make this career a great fit. Your experience working with the general public in situations of distress and your knowledge of rehabilitation procedures will help you to succeed as an adjuster. You will be required, however, to meet the appropriate licensing requirements in your region. A working knowledge of insurance legislation, and the industry as a whole, will also prepare you for this role. Consider taking the General Insurance Education (GIE) courses or Chartered Insurance Professional (CIP) courses offered by the Insurance Institute. The liks on the right will get you connected to more information about these programs.

EARNING POTENTIAL 

Earning Potential for this role depends on education, experience, and geographic region. Much weight is given to those with specialized experience and education (ie fully licensed and/or CIP designation with specialization in adjusting). Many employers offer performance-linked bonuses.

Entry - Junior Level                  $35,000 - $45,000
Junior - Intermediate                $45,000 - $75,000
Intermediate - Senior               $80,000 - $100,000+

FUTURE PROSPECTS

Across Canada employment opportunities for claims adjusters are on the rise. The increase is largely due to organizations' responsibility to respond to losses and catastrophes. Loss adjusters will also need to replace retiring workers and meet the needs of an increasing population, especially in urban centres. This has already created a substantial number of job openings and professional opportunities.

A loss control specialist inspects businesses on behalf of insurance companies and provides loss prevention recommendations to reduce the frequency and severity of losses arising from fire, crime and liability. He/she is usually involved in large commercial and manufacturing risks where there are complex processes and many exposures to loss. He/she is trained to identify potential areas of concern - inspecting a fire prevention system, recommending the best way to store materials, developing supplementary computer systems and helping customers to understand their responsibilities for a faulty product. A loss control specialist personally inspects risks, determining degree of exposure to fire, crime or liability loss. He/she reports exposures to a variety of audiences and comprehension levels and recommends a course of action to reduce the frequency or severity of loss and eliminating loss exposure. A loss control specialist helps insurance companies to charge appropriate premiums and reduces the potential for losses that may be caused through injury, criminal activity or physical hazards. Some examples of roles within this field are: loss prevention engineer, loss prevention specialist, safety consultant, and risk consultant.

• A college diploma, or university degree, is an asset (For some positions, a technical degree is required)
• Ability to communicate with others from various backgrounds and levels within the organization
• Self-motivated, outgoing, open-minded and open to learning
• Attention to detail and adaptable in a variety of situations
• Analytical, with excellent report writing skills
• Computer proficiency

A variety of skills sets are necessary within the Loss Control Specialist profession. Your experience in one of the fields listed - plus some level of insurance education - can lead you to a successful career in the insurance industry. To learn more about the Insurance Institute's designation programs, General Insurance Essentials (GIE) and Chartered Insurance Professional (CIP), get connected here.

Manufacturing:

Your intimate knowledge of the manufacturing industry and its processes and risks, make you an excellent fit for this career. Some additional technical education may be required and an increased knowledge of the insurance basics will help you to succeed in this role.

Environmental Science:

Your experience working in the environmental science industry allows you to properly identify the environmental risks to which companies may be exposed. Your investigation and research skills make you thorough and you have much experience preparing and delivering reports. An increased knowledge of the insurance field, however, will help you in succeeding in this role.

Civil Engineer:

Your knowledge of planning, design and building of infrastructure, buildings and homes allows you to see the risks inherent in each. This may make you an excellent candidate for the loss control specialist role. An increased knowledge of the insurance field, coupled with your knowledge, will help you to succeed in this position.

Mechanical Engineer:

You have detailed knowledge of manufacturing and can identify the risks within the operating processes, making you an excellent fit for the loss specialist role. An increased knowledge of the insurance field, coupled with your knowledge, will help you to succeed in this position.

Chemical:

Your knowledge of the manufacturing, chemical, energy and environmental industries, along with the risks inherent in each, makes you a great candidate for the role of loss control specialist. An increased knowledge of the insurance field, coupled with your knowledge, will help you to succeed in this position.

EARNING POTENTIAL

Earning potential for this role is dependent upon education, experience, and geographic region. Much weight is given to those with specialized experience in auditing, loss prevention, risk management or other related trade experience. Many employers offer performance-linked bonuses.

Entry - Junior Level                  $34,000 - $50,000
Junior - Intermediate                $50,000 - $70,000
Intermediate - Senior               $100,000+

FUTURE PROSPECTS

Advancement opportunities are many and can entail moving into the underwriting position, becoming an insurance manager for companies or an insurance broker.  

A marketing representative works for an insurance company, promoting its products and services through its sales force - the brokers - to insurance consumers. All insurance companies want to lead in their respective markets, so marketing is a great deal more than just promotion. Marketing managers and executives need to look ahead to anticipate and identify the kind of new products required in a changing personal and commercial environment. Marketers must constantly come up with new ideas to appeal to the consumer. Then they need to develop products, price them and test them in the marketplace.  Marketing Representatives also manage the processes of promotion, selling and distribution. Marketers are likely to be involved in marketing strategies, market research, brand positioning, public relations, promotional material design and delivering products and services to meet the objectives of both customers and consumers.

• An understanding of business administration, retail sales, and/or marketing
• Technical understanding of insurance
• Strong interpersonal and communication skills
• Independent and self-motivated
• Organized, with a high level of creativity and strong presentation skills
• Keen interest in consumer motivators
• Adept at change and project management

If you have experience and/or education in sales, communications, marketing and/or business administration, you are well suited to a career as a marketing representative. In order to succeed as a marketing representative, however, you will need some technical insurance knowledge, which you can earn through the educational programs offered by the Insurance Institute. Get connected here for more information.

EARNING POTENTIAL

Earning potential for this role depends on education, experience and geographic region. Much weight is given to those with specialized education (ie CIP designation), experience and skills. Many employers offer performance-linked bonuses.

Entry - Junior Level                  $35,000 - $45,000
Junior - Intermediate                $45,000 - $70,000
Intermediate - Senior               $75,000 - $100,000

FUTURE PROSPECTS

Roles in this area are incredibly varied, so they are in great demand. Insurance businesses rely on business development managers and senior marketing managers to develop strategic plans to grow their business and improve service offerings. As businesses look for innovative ideas to grow their revenues, the demand for marketing professionals will continue to grow. Employment trends in this area are directly related to consumer/business spending and have a tendency to be guided by the Canadian economy

Risk managers or analysts specialize in identifying potential causes of accidents or loss, recommending and implementing preventive measures, and devising plans to minimize costs and damage should a loss occur, including the purchase of insurance.

In other words, they coordinate loss control systems for organizations and businesses that may include disaster recovery plans and emergency evacuations. Risk managers may work directly for large companies or independently as consultants, providing risk management services.

Responsibilities include directing the purchase of insurance programs, management of claims and loss control activities, management of relationships with third party service providers including brokers, and insurers, preparing loss analyses and budgets, identifying exposures, recommending solutions, implementing approved programs, promoting loss prevention, updating and monitoring compliance with insurance procedures and managing safety/risk management manuals.

• An understanding of business administration, retail sales, and/or marketing
• Technical understanding of insurance
• Strong interpersonal and communication skills
• Self-motivated, outgoing, open-minded and open to learning
• Attention to detail and adaptable in a variety of situations
• Analytical, with excellent report writing skills
• Adept at change and project management
• Computer proficiency

A variety of skill sets are necessary for the Risk Manager / Analyst profession. Your experience in one of the fields listed may lead you to a successful career in the insurance industry.

Manufacturing:

Your intimate knowledge of the manufacturing industry and its processes and risks, make you an excellent fit for this career. Some additional technical education may be required and an increased knowledge of the insurance basics will help you to succeed in this role.

Environmental Science:

Your experience working in the environmental science industry allows you to properly identify the environmental risks to which companies may be exposed. Your investigation and research skills make you thorough and you have much experience preparing and delivering reports. An increased knowledge of the insurance field, however, will help you in succeeding in this role.

Civil Engineer:

Your knowledge of planning, design and building of infrastructure, buildings and homes allows you to see the risks inherent in each. This may make you an excellent candidate for a risk analyst or consultant. An increased knowledge of the insurance field, coupled with your knowledge, will help you to succeed in this position.

Mechanical Engineer:

You have detailed knowledge of manufacturing and can identify the risks within the operating processes, making you an excellent fit as the manufacturer’s corporate risk manager. An increased knowledge of the insurance field, coupled with your knowledge, will help you to succeed in this position.

Chemical:

Your knowledge of the manufacturing, chemical, energy and environmental industries, along with the risks inherent in each, makes you a great candidate for a role as a risk manager with many employers in these sectors. An increased knowledge of the insurance field, coupled with your knowledge, will help you to succeed in this position.

Professional Qualifications

To gain an increased knowledge of insurance and risk management, you should consider pursuing the following designations:

The Canadian Risk Management (CRM) designation, offered by the Risk and Insurance Management Society (RIMS), is recommended for a role in risk management. Learn more.

The Insurance Institute's Chartered Insurance Professional (CIP) is the property and casualty insurance industry’s comprehensive professional program focusing on technical and applied career specific knowledge. Completion of the CIP with a concentration in Claims courses would be an asset in professional development and in gaining understanding of the claims process. Learn more.

The Insurance Institute's Fellow Chartered Insurance Professional (FCIP) is the property and casualty insurance industry’s premier designation denoting a level of professionalism above the CIP. Learn more. 

EARNING POTENTIAL

Earning potential for this role depends on education, experience, and geographic region. Much weight is given to those with specialized experience either in fire, health and safety, liability, or law. Many companies offer performance-linked bonuses.

Entry – Junior Level > From $35, 000 – 40,000

Junior – Intermediate Level > From $40,000 – 60,000

Intermediate – Senior Level > $60, 000 - $80, 000

FUTURE PROSPECTS

Employment opportunities for risk managers are expected to increase. The increase will be largely due to the need for organizations to develop disaster recovery plans and pandemic response plans. Risk management will also need to replace retiring workers and meet the needs of an increasing population. This will create a substantial number of job openings and opportunities.

Risk managers have a lot of choice when it comes to choosing an employer. Risk managers are hired by oil and gas companies, rental car companies, schools, insurance companies, construction companies and much more. Other roles within this field are:

• Risk Analysts
• Risk Advisors
• Safety Consultant
• Loss Control Specialist
• Workers’ Compensation Claims & Insurance Manager
• Risk Consultants
• Environmental Risk Assessment Specialist
• Risk Analyst Engineer
• Director of Corporate Risk
• Nuclear Safety Advisor
• Credit Risk Analyst
• Chief Risk Officer
• And much more.

Additional Resources for this position

Risk and Insurance Management Society, Inc - RIMS Canada Council: rimscanada.rims.org

Energy Risk Management Association: www.ermacanada.com/board.html

An underwriter accepts or rejects risks on behalf of the insurance company. Brokers and agents submit applications for insurance on behalf of individuals or businesses and an underwriter reviews the applications and decides whether to offer insurance to the applicants (that is, whether to accept or reject the risk).  The underwriter determines what coverage is available, sets the cost of the premium and other terms in order to accept the risk.  He/she counsels clients on risk management solutions, negotiates terms and contracts and develops relationships with key clients (ie brokers). During the policy term or at renewal, an underwriter reviews existing client portfolios and determines whether the insurance company should continue to provide insurance coverage for the risk. An underwriter needs to be aware of current industry trends through development of a good working relationship with brokers and other sources of industry news and developments.

• A college diploma or university degree in business administration, economics or commerce is an asset
• Aptitude in mathematics and problem-solving
• Proficiency in computer software
• Excellent written and oral communication skills
• Strong analytical and judgment skills required
• Attention to detail
• Negotiation skills and willingness to work towards the CIP designation

A variety of skills sets are necessary within the Underwriting profession. Your experience in one of the fields listed can lead you to a successful career in the insurance industry.

Transportation

Your experience working with personal and commercial vehicles may have provided you with a detailed knowledge of the risks inherent in owning and operating modes of transportation, making you an excellent candidate for assessing commercial or personal automobile policies. Some insurance knowledge, however, will greatly increase your success in this role, and is quite often a requirement for advancement in the underwriting profession. Get connected here for more information about the Chartered Insurance Professional (CIP) designation and the other programs offered by the Insurance Institute.

Manufacturing:

Your experience working within the manufacturing industry may have provided you with specialized knowledge of the risks inherent in operating a manufacturing business. This may make you an excellent candidate for assessing commercial property policies. Some insurance knowledge, however, will greatly increase your success in this role and is quite often a requirement for advancement in the underwriting profession. Get connected here or more information about the Chartered Insurance Professional (CIP) designation and the other programs offered by the Insurance Institute.

Construction:

Your experience working within the construction industry may have provided you with detailed knowledge of the risks inherent in many different structures and buildings, making you an excellent candidate for assessing property insurance policies. Some insurance knowledge, however, will greatly increase your success in this role and is quite often a requirement for advancement in the underwriting profession. Get connected here for more information about the Chartered Insurance Professional (CIP) designation and the other programs offered by the Insurance Institute.

Agriculture:

Your experience working within the agricultural industry may have provided you with detailed knowledge of the risks inherent in farming operations. This may make you an excellent candidate for assessing agricultural insurance policies. Some insurance knowledge, however, will greatly increase your success in this role and is quite often a requirement for advancement in the underwriting profession. Get connected here for more information about the Chartered Insurance Professional (CIP) designation and the other programs offered by the Insurance Institute.

Law Enforcement:

Your experience in the law enforcement industry may have strengthened your investigative and critical thinking skills. You can apply these skills to a career in underwriting, as you investigate and analyze potential risks. Your previous career may have also honed your decision-making skills, which will aid you greatly in your role as an underwriter. Some insurance knowledge, however, will greatly increase your success in this role and is quite often a requirement for advancement in the underwriting profession. Get connected here for more information about the Chartered Insurance Professional (CIP) designation and the other programs offered by the Insurance Institute.

EARNING POTENTIAL

Earning potential for this role depends on education, experience, and geographic region. Much weight is given to those with specialized experience and many companies offer bonuses linked to performance goals and achievement of industry recognized designations, such as the CIP and CRM designations.

Entry - Junior Level                  $30,000 - $45,000
Junior - Intermediate                $50,000 - $70,000
Intermediate - Senior               $70,000 - $200,000

FUTURE PROSPECTS

Experienced underwriters may find opportunities in brokering, claims, risk management, or actuarial sciences. Underwriters could choose to move into reinsurance to handle complex cases and high levels of risk. They might also progress into specialized fields, such as marine or aviation insurance. If you speak one or more languages, there are also possibilities to work globally.

There is already a growing demand for underwriters due to population growth and retirement. In the industry, underwriters would find employment at insurance companies, reinsurance companies, and in government with opportunities to specialize in areas such as aviation, marine and municipality.