Career and Education Opportunities for Insurance Underwriters in Pennsylvania
Pennsylvania has a population of 12,604,767, which has grown by 2.64% over the past 10 years. Nicknamed the "Keystone State," its capital is Harrisburg, though its largest city is Philadelphia.
There are currently 5,200 working insurance underwriters in Pennsylvania; this should shrink 2% to 5,100 working insurance underwriters in the state by 2016. This is better than the nation as a whole, where employment opportunities for insurance underwriters are expected to shrink by about 4.1%. In general, insurance underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Insurance underwriters earn about $28 hourly or $59,420 per year on average in Pennsylvania and about $27 hourly or $56,790 per year on average nationally. Insurance underwriters earn more than people working in the category of Accounting and Auditing generally in Pennsylvania and more than people in the Accounting and Auditing category nationally. Insurance underwriters work in a variety of jobs, including: commercial underwriter, life underwriter, and underwriting director.
In 2008, there were a total of 7,407,409 jobs in Pennsylvania. The average annual income was $39,762 in 2008, up from $38,738 the previous year. The unemployment rate in Pennsylvania was 8.1% in 2009, which has grown by 2.8% since the previous year. Approximately 22.4% of Pennsylvania residents have college degrees, which is lower than the national average.
The top industries in Pennsylvania include railroad rolling stock manufacturing, women's' cut apparel manufacturing, and community care facilities for the elderly. Notable tourist attractions include the College of Physicians of Philadelphia, the American Interfaith Institute, and the Academy Of Natural Sciences.
CITIES WITH Insurance Underwriter OPPORTUNITIES IN Pennsylvania
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 Pennsylvania 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.
- Claims Adjuster. Review settled insurance claims to determine that payments and settlements have been made in accordance with company practices and procedures. Report overpayments, underpayments, and other irregularities. Confer with legal counsel on claims requiring litigation.
- 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: Pennsylvania
Pennsylvania has a population of 12,604,767, which has grown by 2.64% in the last 10 years. Nicknamed the "Keystone State," its capital is Harrisburg, though its most populous city is Philadelphia. In 2008, there were a total of 7,407,409 jobs in Pennsylvania. The average annual income was $39,762 in 2008, up from $38,738 in 2007. The unemployment rate in Pennsylvania was 8.1% in 2009, which has grown by 2.8% since the previous year. About 22.4% of Pennsylvania residents have college degrees, which is lower than the national average.
The top industries in Pennsylvania include railroad rolling stock manufacturing, women's' cut apparel manufacturing, and community care facilities for the elderly. Notable tourist destinations include the Marian Anderson Residence Museum, the American Interfaith Institute, and the Benjamin Franklin Tercentenary.