Job prospects Insurance Underwriter in Ontario

Explore current and future job prospects for people working as an "insurance underwriter" in Ontario or across Canada.

Job opportunities in Ontario

These outlooks were updated on November 29, 2023.

Prospects over the next 3 years

The employment outlook will be very good for Insurance underwriters (NOC 12202) in Ontario for the 2023-2025 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.

What Types of Employers Are Out There?

• Almost all insurance underwriters are employed in the finance and insurance sector, working at insurance carriers, agencies, and brokerage houses

What are the Main Trends Affecting Employment?

• Growth in the population and in the number of residences should support insurance business activities
• Climate change, resulting in incidences of severe weather conditions and property damage
• Increase in motor vehicle registrations
• Digitization efforts in the insurance industry will likely streamline existing processes, potentially affecting the traditional roles of these workers

What Skills Do I Need to Succeed?

• In addition to other formal education, the Chartered Insurance Professional (CIP) designation or the Fellow Chartered Insurance Professional (FCIP) are common requirements
• Extensive knowledge of an employer’s business line and insurance products will provide an advantage to job seekers

What Other Information Will I Find Helpful?

• Job opportunities may also be available from third-party providers of insurance services.

 

Here are some key facts about Insurance underwriters in Ontario:

• Approximately 10,650 people work in this occupation.
• Insurance underwriters mainly work in the following sectors:
  • Insurance Carriers and related activities (NAICS 524, 526): more than 95%
• 85% of insurance underwriters work all year, while 15% 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 48 weeks compared to 43 weeks for all occupations.
• Less than 5% of insurance underwriters are self-employed compared to an average of 15% for all occupations.
• The gender distribution of people in this occupation is:
  • Men: 33% compared to 52% for all occupations
  • Women: 67% compared to 48% for all occupations
• The educational attainment of workers in this occupation is:
  • no high school diploma: less than 5% compared to 9% for all occupations
  • high school diploma or equivalent: 18% compared to 25% for all occupations
  • apprenticeship or trades certificate or diploma: less than 5% compared to 8% for all occupations
  • college certificate or diploma or university certificate below bachelor's: 28% compared to 22% for all occupations
  • bachelor's degree: 41% compared to 24% for all occupations
  • university certificate, degree or diploma above bachelor level: 9% compared to 13% for all occupations

Breakdown by region

Explore job prospects in Ontario by economic region.

Source Labour Market Information | Prospects Methodology