An actuary applies mathematics, statistical methods and risk theory to calculate insurance premiums. An actuary will also assess the insurance company's ability to pay its claims 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 the potential financial impact of catastrophes. 

Do the following statements accurately describe you?

• You have keen analytical and problem-solving skills
• You are a "numbers person," with a strong interest in specialized mathematics such as calculus, statistics and probability
• You have solid communication skills (oral & written) and are comfortable using a variety of computer applications
• You are self-motivated and ambitious, yet work well within a team atmosphere

If you answered yes to these statements, then a career as an actuary might be the perfect fit?

Combinations of the following qualifications are necessary for gaining employment as an Actuary in the property and casualty insurance industry.

What should I take in high school?

A high school course plan should include post secondary pre-requisites in grade 12 English, Math and Sciences. Other suggested courses of study are business and computer science. A valuable resource for high school students considering an actuary career is the Be An Actuary Website.

College/University

A high standing undergraduate degree in actuarial sciences, math, statistics or actuarial mathematics is helpful in completing professional actuarial certifications. It is also important that your course load is well-rounded with courses in business, communications, humanities and computer science.

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 due largely to heightened risk awareness and the possible 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 internationally.

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

Appraisers are responsible for inspecting insurance clients' personal property (i.e. car, home, jewelry) for which a claim has been submitted due to an accident, theft or fire. They estimate the loss or damage of personal property and reports to the insurance company's claims adjuster. Appraisers work with adjusters, 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. Appraisers evaluate insured items such as homes, buildings and vehicles. They review and analyze data such as past sales, title searches, engineering and alignment maps, coil maps, subdivision plans, water and sewer plans, location cost data and easements. Appraisers present and clarify assessment processes to rate payers. They prepare appraisal reports for lending agencies, insurance companies, government departments, courts, attorneys, creditors, buyers or auctioneers. 

Do the following statements accurately describe you?

• You have a desire to learn new things and keep up with technological changes
• You have strong interpersonal skills, are detail-oriented and have a high computer proficiency
• You are able to communicate clearly in written and spoken English
• You take direction well and are able to work independently to achieve goals
• You have a keen interest in auto mechanics and vehicle repair or building construction and skilled trades

If you answered yes to these statements, then a career as an appraiser might be the perfect fit!

A combination of the following qualifications would be helpful in gaining employment as an Appraiser in the property and casualty insurance industry.

What should I take in high school?

A high school diploma is required. Your high school course plan should include Grade 12 Academic or Applied English, Math and Science. Suggested courses are computer and business studies. We also suggest technical courses in auto mechanics, woodworking, etc with apprenticeship or co-operative education experience.

College/University

A college diploma or university degree is an asset. Consider a post-secondary education studying the business of insurance, transportation, mechanical engineering or construction.

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

Across Canada, employment opportunities for appraisers are on the rise. The increase is largely due to organizations' desire to respond to new businesses and claims. 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 by advising the client, arranging and invoicing the policy, and facilitating claims. Since brokers usually sell the insurance products of more than one company, a broker provides consumers with choice in the marketplace. 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.

Do the following statements accurately describe you?

• You have an entrepreneurial spirit and are happiest working independently, setting your own pace and schedule.
• You have a "knack" for sales and use your outgoing personality to relate to a variety of people
• You are comfortable communicating complex subject matter
• You are comfortable using a variety of computer applications and enjoy maintaining organized records using computer software
• You have (or had) a part-time job that involves communication, organization, problem-solving and interpersonal skills, such as a camp counsellor, a retail sales associate, or a server

If you answered yes to these statements, then a career as a broker might be the perfect fit!

A combination of the following qualifications would be helpful in gaining employment as a broker in the property and casualty industry.

What should I take in high school?

Your High School Course plan should include post secondary pre-requisites in Grade 12 English and Math. Suggested courses may include: business, law, accounting and 1-2 years of relevant work experience for an entry-level position, with the condition that the employee will complete provincial license requirements. Most, if not all, insurance organizations support their staffs' continuing and professional education by providing financial support and time off for taking courses and studying for/writing exams.

College/University

A college diploma or university degree in any subject is acceptable for entry into the professional, though those who have studied finance, management, mathematics or business would have an advantage.

For an even greater advantage, there are a number of post-secondary institutions that offer a business of insurance program. Learn more.

Licensing

Insurance Brokers and agents must be sponsored/employed by an insurance company and licensed to transact business in each province or territory in which they operate. Learn more.

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 size 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 shift to 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 examines a claim to explore the facts and to determine if the claim is valid. He/she decides the extent and validity of a claim. A claims investigator prevents 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.

Do the following statements accurately describe you?

• You have exceptional interpersonal skills and are naturally inquisitive
• You have a sense of mutual respect and fairness and highly value ethical behaviour
• You have good decision-making skills and work well within a team
• You have a reputation beyond reproach, with a keen interest in civil law, insurance law, rules of evidence and procedure

If you answered yes to these statements, then a career as a claims investigator might be the perfect fit!

Claims investigation is a specialized field requiring a blend of interpersonal and technical skills. For this reason, a degree is less important than an ability to display the competencies and development potential to become an effective claims investigator. Exceptional communication, empathy and investigative skills are essential

For a highly specialized role such as a forensic engineer or forensic accountant, a degree is essential to gain employment in this field.

A combination of the following qualifications would be helpful in gaining employment as a claims investigator in the property and casualty insurance industry.

What should I take in high school?

Your high school course plan should include post-secondary pre-requisites in Grade 12 English. We also suggest you take courses in law and computer studies.

If you have a keen interest or aptitude in accounting, auto mechanics or law enforcement, these interests, in addition to qualifications listed below, would increase the types of opportunities available to you. Successful completion of these types of courses would be helpful in developing a post-secondary plan.

College/University

You can acquire technical skills through a college diploma in law enforcement, criminal justice and/or business of insurance programs. Learn more.

For a highly specialized role in forensic accounting, forensic engineering or accident re-constructing, a university degree in accounting or engineering is required along with a certified public accountant designation (ie CMA, CA, CGA) or a professional engineer designation (ie PEng).

Professional Qualifications

For those interested in an investigations career, certifications in fraud examination are 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 be needed to replace retiring workers and serve an increasing population. These combined factors will create a substantial number of job opportunities.

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. Adjusters make recommendations regarding payment of benefits, based on the coverage noted on the insurance policy and negotiate payment and settlement. Adjusters may be employed by an insurance company or may act as independent contractors. They ensure that those who have suffered a loss receive all of the benefits and assistance to which they are entitled. In disputed claims, adjusters may also be required to investigate the cause of the loss - how a fire started, why a plane went down, etc. Adjusters investigate, negotiate and settle a variety of claims in an efficient manner and in compliance with a variety or requirements. They conduct witness interviews, take statements and consult with police reports.

Adjusters are required to report in a variety of ways - in writing, through e-mail or on-line, and must present or report on these findings, propose solutions and negotiate settlements and agreements with third parties, clients or other concerned parties. They are responsible for inspecting and/or evaluating damages when required, estimating costs or commercial value, examining reports or other documents, evaluating losses, establishing claims guidelines and quantifying settlement amounts. Adjusters participate in private and/or mandatory mediation, settlement meetings, settlement conferences, pre-trails, court proceedings and other dispute resolution methods as required. Loss adjusters are often hired by insurance companies, government services or independent adjusting firms. Some examples of roles within this field are: bodily injury (BI) claims representative, accident benefits (AB) claims adjuster, field claims representative, claims examiner, marine insurance coordinator, catastrophe adjusters, claims assistant, physical damage (PD) claims representative, claims specialist, telephone adjuster, road adjuster, property or liability adjuster, technical service representative and call centre agent.

Do the following statements accurately describe you?

• You are naturally inquisitive with a keen interest in criminal or civil investigation and strong computer proficiency
• You are a strong communicator with exceptional decision-making, problem-solving and investigation skills
• You are analytical and thorough and like dealing with people.
• You have (or had) a part-time job that involves decision-making and problem-solving, interpersonal and communication skills, such as a nurses aide, restaurant server or retail sales associate.

If you answered yes to these statements, then a career as a loss adjuster might be the perfect fit!

A combination of the following qualifications would be helpful in gaining employment as a Loss Adjuster in the property and casualty insurance industry.

What should I take in high school?

Your high school course plan should include post secondary pre-requisites in Grade 12 English, Math, Law, Computer Studies and Business Studies.

At a minimum, some organizations will consider a high school diploma and 1-2 years of relevant work experience (ie customer service representative, claims clerical support) for an entry level position with the condition that the employee will complete a Chartered Insurance Professional (CIP) designation or other relevant industry designation and an adjuster's license.

Most, if not all, insurance organizations support their staff's continuing and professional education by providing financial support and time off for studying/writing exams.

College/University

At the post-secondary level, a minimum education requirement is a general degree or specialized education in criminal studies, law and security or business administration.

For a greater advantage and the highest placement value, consider completing the business of insurance program. Learn more.

Licensing

All independent adjusters must be licensed to carry out their responsibilities. Independent adjusters require a provincial license issued by the Superintendent of Insurance in the province or territory of employment.

Licensing qualifications are earned while the applicant is employed by an independent adjusting firm. Yet course completion can take place prior to employment. Licensing requirements vary by province and often require candidates to complete a number of Insurance Institute courses. 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 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 responding 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.

Loss control specialists inspect businesses on behalf of insurance companies and provide loss prevention recommendations to reduce the frequency and severity of losses arising from fire, crime and liability. They are usually involved in large commercial and manufacturing risks where there are complex processes and many exposures to loss. They are 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. Loss control specialists personally inspect risks, determining their degree of exposure to fire, crime or liability loss. They report exposures to a variety of audiences and comprehension levels and recommend a course of action to reduce the frequency or severity of loss and eliminate loss exposure. Loss control specialists help insurance companies to charge appropriate premiums and reduce 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.

Do the following statements accurately describe you?

• You have the ability to communicate with others from various backgrounds
• You are self-motivated, outgoing, open-minded, and enjoy learning
• You are creative and analytical, with strong people skills
• You are comfortable using a variety of computer applications and have excellent report writing skills

If you answered yes to these statements, then a career as a loss control specialist might be the perfect fit!

A combination of the following qualifications would be helpful in gaining employment in the property and casualty insurance industry.

What should I take in high school?

A high school course plan should include grade 12 math, sciences, English and business courses. Other suggested courses of study are law and computer studies.

At a minimum, some organizations will consider a high school diploma and 1-2 years of relevant work experience (ie administrative assistant, data entry, etc) for an entry level position, with the condition that the employee will complete a Chartered Insurance Professional (CIP) or other relevant industry designation. Most, if not all, insurance organizations support their staff's continuing and professional education by providing financial support and time off for studying/writing exams.

College/University

At the post-secondary level, a minimum requirement is a college/university education in a 3-4 year technical school, but more often a degree in any engineering discipline is required. Such an education background provides a wide scope of knowledge to evaluate the physical and operational risks of properties. An applied science degree is also helpful in gaining employment.

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 company, or an insurance broker who places the business with insurance companies.

A marketing representative works for an insurance company, promoting the company's 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 insurance environment. Marketers must constantly come up with new ideas to appeal to the consumer. Then they need to develop products, price them, test them in the marketplace and 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 customer needs.

Do the following statements accurately describe you?

• You have strong communication and interpersonal skills
• You are independent, organized and self-motivated
• You possess a high level of creativity and are comfortable giving presentations
• You have a high level of proficiency with computers and enjoy planning.
• You have (or had) a part-time job where communication, customer-service and sales were important, such as a retail sales associate or restaurant server.

If you answered yes to these statements, then a career as a marketing representative might be the perfect fit!

A combination of the following qualifications would be helpful in gaining employment in the property and casualty insurance industry.

What should I take in high school?

Your high school course plan should include post-secondary pre-requisites in Grade 12 English and Math. We also suggest you take business, economics and computer studies courses. You should take advantage of any opportunity to conduct a presentation as a large part of marketing is presentation skills and training others.

At a minimum, some organizations will consider a high school diploma and 1-2 years of relevant work experience for an entry level position with the condition that the employee will complete a CIP or relevant industry designation. Most, if not all, insurance organizations support their staff's continuing and professional education by providing financial support and time off to study for/write exams.

College/University

For a greater advantage, and the highest placement value, successful completion of a business of insurance program is recommended. Learn more.

A college diploma or university degree in business administration or commerce is recommended for this role. Any subject is acceptable, although those who have studied business with specialization in finance, management or marketing would have an advantage.

Accredited by the Canadian Institute of Marketing, marketing certificate programs are available at the following colleges and universities:

Confederation College (Thunder Bay, Ontario)

Fanshawe College (London Ontario)

George Brown College (Toronto Ontario)

Georgian College (Barrie Ontario)

McMaster University (Hamilton, Ontario)

Mohawk College (Hamilton, Ontario)

Nipissing University (North Bay, Ontario)

Northern Alberta Institute of Technology ( Edmonton, Alberta)

Red River College (Winnipeg, Manitoba)

Sprott School of Business (Carleton University, Ottawa, Ontario)

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 improve business, 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.

Do the following statements accurately describe you?

• You are self-motivated, outgoing, open-minded, and enjoy learning new things
• You have excellent verbal and written communication skills
• You have strong analytical and judgment skills and pay attention to detail
• You have (or had) a part-time job that involves decision-making and problem-solving, interpersonal and communication skills, such as a nurses aide, restaurant server or retail sales associate.

If you answered yes to these statements, then a career as a risk manager might be the perfect fit!

A combination of the following qualifications would be helpful in gaining employment in the property and casualty insurance industry.

What should I take in high school?

Your high school course plan should include post secondary pre-requisites in Grade 12 English, Math, Science, and Business Studies. We also suggest computer studies, business law, and economics.

College/University

A college diploma or university degree in engineering science, commerce, business management and judicial studies are acceptable for entry into the profession, though those who have earned a degree or specialization in risk management are at a distinct advantage.

Licensing

There are no licensing requirements for this career at time of publication.

Professional Qualifications

The Canadian Risk Management (CRM) designation is recommended for a role in risk management. Learn more.

The 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 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

Insurance Institute site: http://www.insuranceinstitute.ca

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).  They determine what coverage is available, the premium to be paid and other terms the underwriter would require in accepting the risk.  He/she counsels clients on risk management solutions, negotiates terms and contracts, and develops relationships with key clients (ie brokers). An underwriter reviews insurance applications for a wide variety of individuals and businesses and decides whether the insurance company should accept the risk. When an underwriter accepts the risk, he/she determines the coverages available, premiums, rates and other terms or conditions required. 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.

Do the following statements accurately describe you?

• You have aptitude in math and are comfortable using a variety of computer applications
• You have excellent verbal and written communication skills
• You have strong analytical and judgment skills and pay attention to detail
• You are a creative thinker, with a natural curiosity
• You have strong organizational and time management skills
• You have (or had) a part-time job that required communication, organization and time-management skills such as a web programmer

If you answered yes to these statements, then a career as an underwriter might be the perfect fit!

A combination of the following qualifications would be helpful in gaining employment as an underwriter in the property and casualty insurance industry.

What should I take in high school?

A high school course plan should include post-secondary pre-requisites in grade 12 English, math and business courses. Other suggested courses of study are algebra, law, computer sciences and social sciences.

At a minimum, some organizations will consider a high school diploma and 1-2 years of relevant work experience (ie administrative assistant, data entry, etc) for an entry level position with the condition that the employee will complete a CIP or relevant industry designation. Most, if not all, insurance organizations support their staff's continuing and professional education by providing financial support and time off for studying for/writing exams.

College/University

For a greater advantage, and the highest placement value, successful completion of a business of insurance program is strongly recommended. Applicants with a background or degree in actuarial sciences would also be strongly considered. Learn more.

A college diploma or university degree in business administration, economics, or commerce is recommended for this role.

Licensing

Some organizations may require an applicant to possess a life, broker or agent license. 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 and achievement in associate 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.