How to Become a Property & Casualty Underwriter
Property and casualty underwriters typically specialize in one personal or commercial area, such as homeowners' or automobile insurance. The U.S. Bureau of Labor Statistics explains that overall employment for underwriters is expected to decline by about 4 percent through the year 2018. Most job openings will be the result of high turnover rates in the occupation and a shift to automated underwriting systems. The best job opportunities will be for property and casualty underwriters that have a background in finance and work experience in the insurance industry, according to the BLS.
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Instructions
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Get a college degree. The Bureau of Labor Statistics explains that while undergraduate degrees in finance or business administration are preferred by many employers, majors in any field are acceptable, so long as you take courses in topics such as accounting and business law. Computer coursework is also helpful for an aspiring underwriter. Many employers like to hire candidates with insurance-related experience; consider an internship at an insurance company while finishing your degree.
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Enter an underwriting trainee program. Many employers like to train entry-level underwriters on-the-job. As an underwriter trainee or assistant underwriter, you learn how to evaluate applications and gather routine data on applicants. Property and casualty trainees review client claim files to learn about the factors that are associated with different types of losses, the BLS explains. Trainees also learn how to navigate computer programs used to assess risk. A trainee program can last for periods ranging from several months to one year.
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Earn a Chartered Property Casualty Underwriter certification. The CPCU credential is awarded by the American Institute for Chartered Property Casualty Underwriters. To earn a credential, you must successfully complete eight courses and pass an ethics examination. The courses cover topics such as insurance operations, commercial and personal property insurance lines, property loss adjusting and commercial underwriting. You will also need to document that you have at least 24 months of insurance industry experience. The certification program is available online, and includes access to self-study modules.
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