DETAILED OCCUPATION DATA
13-2053 Insurance Underwriters
Occupational Description:
Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.| Percentiles | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Geography | Employment | Emp SE* | Mean | Mean SE* | 10th | 25th | Median | 75th | 90th |
| Northwest Minnesota | N/A | 11 | $18.34/hr | $3.75/hr | $10.61/hr | $11.50/hr | $20.72/hr | $23.13/hr | $24.56/hr |
| Minnesota | 1,750 | 233 | $39.12/hr | $1.37/hr | $24.82/hr | $28.43/hr | $35.09/hr | $46.08/hr | $67.13/hr |
| U S | 100,050 | 2,301 | $37.68/hr | $0.30/hr | $20.56/hr | $25.96/hr | $33.99/hr | $45.81/hr | $60.33/hr |
| *SE = Standard error, a measure of the statistical reliability of the estimate. | |||||||||
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| Occupation (click title for details) | OES | Projections | |
|---|---|---|---|
| Employment | Median Wage | % Change 2022 - 2032 | |
| Cost Estimators | 250 | $24.10/hr | 1.7% |
| Insurance Claims and Policy Processing Clerks | 220 | $22.03/hr | -0.6% |
| Procurement Clerks | 120 | $18.46/hr | N/A |
| Credit Analysts | 100 | $31.13/hr | -4.7% |
| Claims Adjusters, Examiners, and Investigators | 100 | $30.29/hr | -4.8% |
| Tax Preparers | N/A | $23.52/hr | 1.4% |
Tasks for Insurance Underwriters
- Examines documents to determine degree of risk from such factors as applicant financial standing and value and condition of property.
- Writes to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies.
- Declines excessive risks.
- Authorizes reinsurance of policy when risk is high.
- Reviews company records to determine amount of insurance in force on single risk or group of closely related risks.
- Decreases value of policy when risk is substandard and specifies applicable endorsements or applies rating to ensure safe profitable distribution of risks, using reference materials.
- Evaluates possibility of losses due to catastrophe or excessive insurance.
