San Antonio Insurance Jobs for Underwriters
Positions for insurance underwriters are among the most important San Antonio insurance jobs that need to be filled.
Insurance underwriters are basically in charge of deciding who gets to receive insurance and who does not. They review applications to determine the amount of risk involved and decide what type of insurance can be provided.
They may be responsible for identifying and calculating the risk of loss from policyholders, establishing who receives a policy, determining the appropriate premium, and writing policies that cover and individual’s risk. Check out this insurance job description for underwriters.
The job of an insurance underwriter is one of the most important to the company, because an insurance underwriter who is too conservative can end up sending business to the competition and costing the company money, and an insurance underwriter who is too liberal can end up making the company pay excessive claims.
The level of education needed to become an insurance underwriter generally depends on what the employer is looking for. Although there are no formal education requirements, most employers prefer to hire those who have a bachelor’s degree or experience in an insurance-related field.
There were about 102,900 insurance underwriters throughout the country during 2008, according to the U.S. Bureau of Labor Statistics. About 67 percent of those worked for insurance carriers, while the remainder worked for insurance agencies and brokerages.
Although employment of insurance underwriters throughout the nation is expected to decline by 4 percent by 2018, employment throughout Texas is still anticipated to grow, according to the Texas Workforce Commission.
Employment in Texas should increase from 5,850 workers during 2006 to 6,650 workers by 2016, accounting for 800 additional jobs and an overall growth rate of 13.7 percent.
The top industries that employ insurance underwriters in Texas include:
- Insurance carriers - 59.01 percent
- Agencies, brokerages, and other insurance related activities - 30.61 percent
- Insurance and employee benefit funds - 2.58 percent
- Non-depository credit intermediation - 2.05 percent
During 2009, the average wage for insurance underwriters in Texas was $29.84 per hour, while the average wage throughout the United States was $30.45 per hour.
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