What an insurance underwriter does
An insurance underwriter decides whether to accept a risk, on what terms and at what price. Property and casualty underwriters review submissions from brokers for homes, vehicles or businesses, look at loss history, inspections and exposures, and set coverage, deductibles and conditions. Life underwriters assess medical, lifestyle and financial information on applications. In both fields, the underwriter balances growth against the insurer's appetite and guidelines.
Underwriting is generally not a licensed role in Ontario, so employers judge candidates on experience, authority level and education. Many follow the Insurance Institute of Canada's CIP and FCIP programs. A strong underwriter writes clear rationale for each decision, responds to brokers quickly and spots trends before they turn into losses. Finch screens for those habits in the lines and authority level you need.
Typical responsibilities
- Review new business submissions and renewals against underwriting guidelines
- Analyze loss history, inspection reports and exposure information
- Set pricing, coverage terms, deductibles and conditions within authority
- Refer risks above authority with a clear written recommendation
- Answer broker and agent questions and negotiate terms
- Monitor portfolio results and recommend guideline changes
Qualifications and credentials
- A university degree in business, economics, mathematics or a related field is common
- Underwriting experience in personal, commercial, specialty or life lines
- A completed or in-progress CIP; the FCIP or Canadian Risk Management designation is an asset for senior roles
- Strong analytical skills and comfort with rating tools and spreadsheets
- For life underwriting, knowledge of medical terminology and underwriting manuals
Who hires an insurance underwriter
- Property and casualty insurers
- Life and health insurers
- Managing general agencies with delegated underwriting authority
- Reinsurers
Where we recruit insurance underwriter candidates
We fill insurance underwriter roles for employers across Toronto and the GTA, including North York, Scarborough, Etobicoke, Vaughan, Markham, Richmond Hill, Mississauga, Brampton, Oakville, Burlington, Oshawa and Pickering, and for employers across Canada. GTA employers can meet us at our North York office by appointment.
What Finch checks before you meet a candidate
- Lines of business written, type of accounts and current authority level
- Quality of their written underwriting rationale
- Relationships with brokers and how they handle declined risks
- Progress in the CIP, FCIP or other designations
- Eligibility to work in Canada and fit with your hybrid policy
Interview questions to ask
- Walk me through a submission you declined. What drove the decision, and how did you explain it to the broker?
- How do you decide when a risk should be referred above your authority?
- Which trends in your current book concern you, and what would you change?