Career and Education Opportunities for Insurance Underwriters in New York
New York has a population of 19,541,453, which has grown by 2.98% in the last 10 years. Nicknamed the "Empire State," its capital is Albany, though its biggest city is New York.
About 8,930 people are currently employed as insurance underwriters in New York. By 2016, this is expected to shrink 11% to about 7,930 people employed. This is not quite as good as the national trend for insurance underwriters, which sees this job pool shrinking by about 4.1% over the next eight years. In general, insurance underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
The income of an insurance underwriter is about $32 hourly or $67,430 annually on average in New York. In the U.S. as a whole, their income is about $27 hourly or $56,790 annually on average. Insurance underwriters earn more than people working in the category of Accounting and Auditing generally in New York and more than people in the Accounting and Auditing category nationally. Jobs in this field include: property underwriter, underwriting account representative, and commercial underwriter.
In 2008, there were a total of 11,289,001 jobs in New York. The average annual income was $48,809 in 2008, up from $47,628 in 2007. The unemployment rate in New York was 8.4% in 2009, which has grown by 3.1% since the previous year. Roughly 27.4% of New York residents have college degrees, which is higher than the national average.
The top industries in New York include securities contracts intermediation, investment banking dealing, and apparel, piece goods, and notions merchant wholesalers. Notable tourist destinations include the Abigail Adams Smith Museum, the American Craft Museum, and the Asian American Arts Centre.
CITIES WITH Insurance Underwriter OPPORTUNITIES IN New York
JOB DESCRIPTION: Insurance Underwriter
In general, insurance underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Every day, insurance underwriters are expected to be able to read and understand documents and reports. It is also important that they articulate ideas and problems.
Similar jobs with educational opportunities in New York include:
- Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
- Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
- Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
- Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
- Cost Analyst. Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
- Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
- Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
- Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
- Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
- Insurance Appraiser. Appraise automobile or other vehicle damage to determine cost of repair for insurance claim settlement and seek agreement with automotive repair shop on cost of repair. Prepare insurance forms to indicate repair cost or cost estimates and recommendations.
- Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
- Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
- Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
- Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
- Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.
LOCATION INFORMATION: New York
New York has a population of 19,541,453, which has grown by 2.98% over the past 10 years. Nicknamed the "Empire State," its capital is Albany, though its most populous city is New York. In 2008, there were a total of 11,289,001 jobs in New York. The average annual income was $48,809 in 2008, up from $47,628 the preceding year. The unemployment rate in New York was 8.4% in 2009, which has grown by 3.1% since the previous year. Approximately 27.4% of New York residents have college degrees, which is higher than the national average.
The top industries in New York include securities contracts intermediation, investment banking dealing, and apparel, piece goods, and notions merchant wholesalers. Notable tourist attractions include the Abigail Adams Smith Museum, the Asian American Arts Centre, and the Anthology Film Archives Administration.