Insurance Underwriter, Casualty Salary
The average Casualty Insurance Underwriter in the United States earns approximately $62K per year. Total cash earnings of Casualty Insurance Underwriters range from $40K on the low end to $108K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $12K and $15K, respectively. Geography and career length each impact pay for this group, with the former having the largest influence. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The majority of workers are highly satisfied with their job. Women Casualty Insurance Underwriters who took the survey just slightly outnumber men. The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Insurance Underwriter, Casualty
An casualty insurance underwriter works to assess what risks to assign to insurance applications based on property such as cars, homes, businesses, and the like. Property and casualty underwriters typically specialize either in personal insurance or commercial policies. Generally, those in this position receive applications for insurance and identify the levels at which the insurer can afford to underwrite risks, and at what premium level the company can manage.Read More...
For property and casualty insurance underwriters, the work can vary greatly. In determining the extent to which a company will accept risk in an insurance policy, the underwriter will analyze a variety of data related to the casualty insurance being sought. For instance, he/she may analyze neighborhoods and crime statistics, prior insurance claims on previous natural disasters (like floods, storms, or wildfires), and the overall value of the entity for which insurance is being sought. The underwriter will also typically review the applicant's history to determine the likelihood of good-faith claims and business relations with that person.
Insurance underwriters in casualty and property must balance how they assess risk so they accept enough policy applications to ensure that the insurer who employs them remains profitable. That must be set, however, against refusing high-risk applications which may end up costing far more money than the value of premiums collected.
Most insurance companies prefer applicants who possess at least a four-year college degree in a business- or humanity-related discipline, and those with prior experience in claims adjusting or as a junior agent are often preferred. Underwriters should be proficient with computers and able to analyze data clearly and efficiently, and may be required to hold a relevant certification to work in the field. They can expect to work in a traditional office environment.
Insurance Underwriter, Casualty Tasks
- Underwrite, submit, approve or pend loans, and present decisions to management.
- Monitor existing policies for compliance with company guidelines.
- Manage underwriting territory and select new business based on analysis of their profitability.
- Analyze new and renewal business, data, claim history, loss experience, and outcome of liability decisions.
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Pay by Experience Level for Insurance Underwriter, Casualty
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $57K, but survey participants with five to 10 years of experience earn a significantly higher median of $73K. Casualty Insurance Underwriters bring in $72K after working for 10 to 20 years. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $78K.
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Key Stats for Insurance Underwriter, Casualty
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