Insurance Underwriter Salary in Waterloo, Ontario
$45K
20% Low Band Avg
CAD $49K
Average
$52K
80% High Band Avg
- Bonus: 1,742
Salaries based on experience level
The Average Entry Level salary of Insurance Underwriter in Waterloo, Ontario is CAD $36K/yr, this salary increases 33% to $49K/yr when reach Mid Level Career.
From Mid to Senior Level the average salary increases 29% from $49K/yr to $63K/yr.
Salary Compared to Canada National Average Salary
- Insurance Underwriter in Waterloo, Ontario Salary
- vs
- Insurance Underwriter in Canada Salary
The Average Salary of Insurance Underwriter in Waterloo, Ontario is $49K/yr. This is -2% lower ($-1,272) compared to Canada national average salary of $50K/yr.
Salary Compared to Waterloo City Average Salary
- Insurance Underwriter in Waterloo, Ontario Salary
- vs
- Waterloo, Ontario City Average Salary
The Average Salary of Insurance Underwriter in Waterloo, Ontario is -23% lower (-15,300) than the average salary for the city of Waterloo, Ontario $64K/yr.
Insurance Underwriter job description
Job Title: Insurance Underwriter
Overview/Summary of the Role:
An Insurance Underwriter is responsible for assessing and analyzing insurance applications and deciding whether to approve or decline them based on various factors like risk, financial ability, and compliance with underwriting guidelines. They also determine the level of coverage, premium rates and conditions of insurance policies.
Responsibilities and Duties:
1. Evaluate insurance applications and determine the level of risk involved based on factors like age, health, occupation, and lifestyle.
2. Analyse and interpret data obtained from various sources such as medical reports, driving records, and credit histories.
3. Assess each application on its merit, for both new and renewal policies, and make decisions on approvals, amendments, and cancellations.
4. Determine appropriate premium rates, policy limits and conditions for clients.
Insurance Underwriter interview questions
Interviewer: Hello, and welcome to our interview for the position of Insurance Underwriter. Can you please start by telling us about your experience in the insurance industry?
Candidate: Yes, of course. I have worked in the insurance industry for five years, primarily as an underwriting assistant. In my role, I gained experience in reviewing applications, analyzing risk factors, and determining appropriate coverage and rates.
Interviewer: That sounds great. Can you tell us about a time when you had to analyze a complex risk and make a difficult underwriting decision?
Candidate: Yes, I remember a particular case where a client had a history of multiple claims and was applying for additional coverage. After reviewing their application and past claims, I had to make the tough decision to deny their request based on the high risk they presented.
Interviewer: How do you stay up to date on the latest industry trends and regulations?
Candidate: I attend industry conferences and seminars, and I also subscribe to various insurance publications and newsletters to keep up to date on industry news and changes in regulations.