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 |
| EDR 11 - 7 County Twin Cities | 1,670 | 204 | $30.51/hr | $0.56/hr | $19.29/hr | $23.93/hr | $29.10/hr | $36.31/hr | $44.47/hr |
| Minnesota | 1,890 | 206 | $29.84/hr | $0.54/hr | $18.29/hr | $22.99/hr | $28.61/hr | $35.83/hr | $44.02/hr |
| U S | 91,810 | 1,744 | $33.61/hr | $0.20/hr | $18.96/hr | $23.60/hr | $30.53/hr | $41.09/hr | $53.38/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 - | |
| Claims Adjusters, Examiners, and Investigators | 3,280 | $28.76/hr | N/A |
| Cost Estimators | 2,270 | $28.65/hr | N/A |
| Insurance Claims and Policy Processing Clerks | 2,150 | $17.74/hr | N/A |
| Procurement Clerks | 1,380 | $17.21/hr | N/A |
| Appraisers and Assessors of Real Estate | 1,370 | $24.79/hr | N/A |
| Credit Analysts | 1,310 | $30.37/hr | N/A |
| Tax Preparers | 900 | $19.01/hr | N/A |
| Actuaries | 800 | $44.76/hr | N/A |
| Insurance Appraisers, Auto Damage | 100 | $31.95/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.