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 | 1,570 | 200 | $30.96/hr | $0.69/hr | $19.63/hr | $24.19/hr | $29.50/hr | $36.93/hr | $45.26/hr |
| Minnesota | 1,840 | 202 | $30.11/hr | $0.69/hr | $18.51/hr | $23.28/hr | $28.90/hr | $36.15/hr | $44.49/hr |
| U S | 92,840 | 1,857 | $33.11/hr | $0.20/hr | $18.50/hr | $23.04/hr | $29.84/hr | $40.63/hr | $52.71/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 | 3,750 | $28.06/hr | N/A |
| Cost Estimators | 2,380 | $29.28/hr | N/A |
| Insurance Claims and Policy Processing Clerks | 2,300 | $17.60/hr | N/A |
| Appraisers and Assessors of Real Estate | 1,350 | $25.04/hr | N/A |
| Credit Analysts | 1,210 | $30.46/hr | N/A |
| Tax Preparers | 750 | $16.78/hr | N/A |
| Actuaries | 620 | $46.29/hr | N/A |
| Insurance Appraisers, Auto Damage | 80 | $29.53/hr | N/A |
| Procurement Clerks | N/A | $17.47/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.