Job prospects Insurance Underwriter in Ontario
Job opportunities for Insurance underwriters (NOC 1313) are good in Ontario over the next 3 years. This job outlook is also applicable to people working as an insurance underwriter.
Job opportunities in Ontario
The employment outlook will be good for Insurance underwriters (NOC 1313) in Ontario for the 2019-2021 period.
The following factors contributed to this outlook:
- Employment growth will lead to several new positions.
- A moderate number of positions will become available due to retirements.
- There are a small number of unemployed workers with recent experience in this occupation.
Employment has grown in this occupation over the last decade. Almost all insurance underwriters are employed in the finance and insurance sector, working at insurance companies. Job opportunities will, therefore, be affected by, the volume of insurance applications and changes in the regulatory environment.
In Ontario, household expenditures on life, property, health, and transportation insurance, have risen significantly over the past decade. All owners of vehicles in Ontario are legally required to purchase auto-insurance and there is an increasing number of registered vehicles. Furthermore, the incidences of severe weather events and natural disasters have also grown over the last decade. These factors are expected to generate stable demand for underwriters to assess and quantify the risks involved in these events. Also, the development of new products, such as long-term care insurance or cyber and privacy breach insurance, should also create opportunities for underwriters.
The growing use of technology has increased efficiency in the insurance industry. Implementation of automated underwriting software for certain standard products, which require limited customization, will increase the number of claims handled per underwriter. This technology may change the role of underwriters and could moderate job opportunities in this occupation over the longer term. Furthermore, insurance companies, in efforts to cut costs and streamline business processes, are increasingly outsourcing low complexity and non-core activities to third-party mass service providers, which may also affect job prospects in Ontario.
Candidates should be mindful that there can be different job requirements depending on the type of insurance the employer underwrites, such as life, property and casualty (P&C) or commercial sales. A relevant university degree or college diploma is advantageous, as is knowledge of insurance policies and regulations. Organizations such as the Insurance Institute of Canada provide voluntary membership. Designations like the Chartered Insurance Professional (CIP) and the Fellow, Chartered Insurance Professional, which may be required by some property and casualty insurance employers, could also serve as an asset for career advancement. Additionally, life insurance underwriters that complete designations, such as an Associate, Academy of Life Underwriting, a Fellow, Academy of Life Underwriting, or a Fellow, Life Management Institute, may increase their advancement prospects. In addition, proficiency in Microsoft Office products, specifically Excel, as well as excellent communication and negotiating skills will continue to be sought by the majority of employers.
Here are some key facts about Insurance underwriters in the Ontario region:
- Approximately 10,700 people work in this occupation.
- Insurance underwriters mainly work in the following sectors:
- Insurance Carriers and related activities (NAICS 524, 526):more than 95%
- The distribution of full-time and part-time workers in this occupation is:
- Full-time workers: more than 95% compared to 79% for all occupations
- Part-time workers: less than 5% compared to 21% for all occupations
- 78% of insurance underwriters work all year, while 22% work only part of the year, compared to 63% and 37% respectively among all occupations. Those who worked only part of the year did so for an average of 35 weeks compared to 31 weeks for all occupations.
- Less than 5% of insurance underwriters are self-employed compared to an average of 12% for all occupations.
Breakdown by region
Explore job prospects in Ontario by economic region.
|Hamilton–Niagara Peninsula Region||Good Good|
|Kingston–Pembroke Region||Good Good|
|Kitchener–Waterloo–Barrie Region||Fair Fair|
|London Region||Fair Fair|
|Muskoka–Kawarthas Region||Undetermined Undetermined|
|Northeast Region||Undetermined Undetermined|
|Northwest Region||Undetermined Undetermined|
|Ottawa Region||Fair Fair|
|Stratford–Bruce Peninsula Region||Undetermined Undetermined|
|Toronto Region||Good Good|
|Windsor-Sarnia Region||Undetermined Undetermined|
You can also look at this data on a map. Go to LMI Explore
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