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 | |||||||||
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Geography | Employment | Emp SE* | Mean | Mean SE* | 10th | 25th | Median | 75th | 90th |
Seven County Mpls-St Paul, MN | 1,600 | 229 | $40.05/hr | $1.44/hr | $25.59/hr | $29.08/hr | $36.10/hr | $46.83/hr | $68.28/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 | |
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Employment | Median Wage | % Change 2022 - 2032 | |
Insurance Claims and Policy Processing Clerks | 5,900 | $22.73/hr | -2.6% |
Claims Adjusters, Examiners, and Investigators | 5,410 | $31.28/hr | -4.6% |
Cost Estimators | 2,840 | $32.34/hr | 1.1% |
Credit Analysts | 1,420 | $38.59/hr | -5.1% |
Tax Preparers | 940 | $27.05/hr | 1.3% |
Procurement Clerks | 730 | $21.53/hr | -4.7% |
Actuaries | 450 | $48.48/hr | 24.3% |
Insurance Appraisers, Auto Damage | N/A | $28.62/hr | N/A |
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.