Job prospects Commercial Underwriter - Insurance in Ontario

Explore current and future job prospects for people working as a "commercial underwriter - insurance" 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