There are currently an estimated 104,100 underwriters in the United States. The underwriter job market is expected to shrink by -5.3% between 2016 and 2026.
How employable are underwriters?
CareerExplorer rates underwriters with a D employability rating, meaning this career should provide weak employment opportunities for the foreseeable future. Over the next 10 years, it is expected the US will lose -100 underwriters. That number is based on the retirement of 5,400 existing underwriters.
Are underwriters in demand?
Underwriters comprise a segment of the insurance industry that is expected to decline significantly over the next decade. The principal reason for this negative projection in demand is the effect of technology on the occupation. Automated underwriting quickly rates and analyzes insurance applications. The software is increasing in sophistication and allowing workers to take on three times as much work as in the past, resulting in greater efficiency and reducing the need for manpower. While automation is negatively impacting the number of available jobs for underwriters, it is also redefining the position and ultimately increasing the importance of those practitioners selected by employers. The underwriters that will be most sought after will require exemplary skills in evaluating automated recommendations and verifying information, particularly in complex or specific fields, such as marine insurance. A background in accounting or finance and strong computer and analytical skills will also be highly regarded. This will be especially true in new and emerging fields of insurance, which are projected to be the source of most new jobs for underwriters. In the areas of product development and long-term health care insurance, for example, underwriters will be called upon to assess risks and set appropriate premiums. Virtually all opportunities for job seekers will be created by the need to replace retirees or workers who transfer to another occupation. The career’s high turnover rate is a direct result of the limited upward mobility and advancement opportunities it presents.
What’s the supply of underwriters?
The underwriter industry is concentrated in New York, California, Illinois
Underwriter job market by state
| State Name | Employed Underwriters |
|---|---|
| New York | 7,930 |
| California | 7,340 |
| Illinois | 5,920 |
| Georgia | 5,500 |
| Texas | 5,310 |
| Ohio | 4,840 |
| Florida | 4,600 |
| Pennsylvania | 4,570 |
| New Jersey | 3,230 |
| Massachusetts | 3,190 |
| Connecticut | 2,790 |
| Virginia | 2,350 |
| North Carolina | 2,140 |
| Michigan | 2,060 |
| Missouri | 2,060 |
| Wisconsin | 2,050 |
| Washington | 1,950 |
| Iowa | 1,810 |
| Arizona | 1,680 |
| Minnesota | 1,580 |
| Nebraska | 1,540 |
| Maryland | 1,500 |
| Colorado | 1,360 |
| Kansas | 1,280 |
| Louisiana | 1,070 |
| Alabama | 1,060 |
| Tennessee | 930 |
| Indiana | 920 |
| Puerto Rico | 900 |
| Oregon | 790 |
| South Carolina | 690 |
| Oklahoma | 680 |
| Utah | 540 |
| Kentucky | 500 |
| Rhode Island | 440 |
| Maine | 370 |
| Hawaii | 360 |
| South Dakota | 320 |
| Mississippi | 300 |
| North Dakota | 290 |
| Arkansas | 270 |
| Nevada | 250 |
| Vermont | 220 |
| New Hampshire | 220 |
| Delaware | 200 |
| New Mexico | 180 |
| Alaska | 170 |
| West Virginia | 170 |
| Idaho | 160 |
| Montana | 140 |
| Guam | 70 |
| District of Columbia | 30 |
