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Insurance Underwriter Career

Career Description

Insurance Underwriter Career

The banking and insurance industry is one the largest and fastest growing sectors in the economy. These institutions are integral to the smooth running of fiscal policies. The diversity of careers in this sector is large, ranging from analyst careers to

insurance underwriter careers.

According to recent research, insurance underwriters have become a leading profession in the insurance field. An underwriter can be described as someone who calculates risk, writes policies, and establishes rates for loss, and estimates monetary value of loss. These individuals play an important role in insurance companies by providing valuable input that helps them to minimize their loss.

Degree Programs

There are certain degrees and qualifications that may lead up to an insurance underwriter career. The most appropriate path for preparing yourself for this occupation includes earning a bachelor’s degree in Financial Risk Management which is offered by a number of accounting and business schools. This is the minimum degree requirement for an underwriter’s job. Prior to enrolling in a bachelor’s degree, you may build your knowledge base in the area by earning an associate degree in this academic field.

The general coursework of a degree in Risk Management will comprise numerous theory-based subjects. These aim to cover every aspect of the field and making sure you have an in depth understanding of insurance underwriting and calculating risk. Some of the major topics covered are mentioned below:

  • Business Finance
  • Investment Analysis
  • Risk Management
  • Marketing Principles
  • Property Insurance
  • Statement Analysis
  • Statistics

There are also a number of short certificate programs available in this area. These can help you develop further expertise in underwriting and are mostly career oriented programs. Also, apart from just equipping yourself with theory based knowledge, an underwriting career also demands practical skills in communication, problem solving, decision making, and analysis.
Insurance Underwriter Career

The annual median pay for insurance underwriters in 2010 was $59,290, according to the Bureau of Labor Statistics (BLS). The level of earning in the field is expected to grow in coming years at an above average rate. It is important to remember that the exact salary will be dependent upon a number of different factors such as the level of qualification, work experience, organization, employer, and certifications.

 

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