Career Options

The underwriters have the job of calculating the risk of insuring a business or a person. The underwriter jobs also include deciding how much insurance is needed by a person and or a business and how much they will pay for the insurance offered to them.

Most of the underwriters specialize in one of the following categories of insurance which include life, health or property and causality. Here are some facts about underwriters for you to ponder on:

Underwriters have a desk job that does not require any physical activity. The underwriters work for about 40 hours per week.

Some underwriters are also based in home or regional offices. Marine and construction underwriters have to travel frequently the work sites.

If you have a graduate degree in finance or business administration, this job is good for you.

A course or a prior job experience in accounting will be an added advantage. A bachelor's degree in any discipline and a course in business law is enough to secure an underwriter's job. You are also required to have computer skills as they are an integral part of the job.

The beginners often start as underwriter trainees. They initially analyze and evaluate the applications under the supervision of an experienced employee. You may also go for the work study training programs and gain experience as trainees. This will help you perform your job efficiently.

People who enjoy analyzing information will find underwriting a suitable and satisfying job option. If you are looking for a career in this field, you should also have a good power of judgment. The communication skills should also be good, as an underwriter has to deal with a number of agents and other insurance professionals.

In 2004, insurance underwriters held about 101,000 jobs. Most of them work in insurance agencies while only a few underwriters work for insurance carriers. Some of them also work for agencies owned by banks and real estate firms.

The employment opportunities for underwriting are not expected to grow as quickly as the other occupations. Job opportunities will be the best for those with a background in finance, strong computer and communication skills.

In order to meet the changing circumstances, the insurance carriers are always offering new policies. Demand for the underwriters may also increase as the insurance carriers are try to restore profits to make up the losses suffered in underwriting during the recent years. Emphasis is placed on underwriting to generate revenues to cover the losses.

The need for the underwriters will increase as insurance is considered a necessity for people and business.

The statistics of May 2004, show that the annual salary in the underwriter jobs is $48,550. The insurance companies also provide retirement plans, employer-financed group life and health insurance. With this discussion on underwriter jobs, lets wrap up and see how you move on to make your mark in this field.