Insurance Underwriter, Casualty Salary
The average Casualty Insurance Underwriter in the United States earns approximately $61K annually. Final cash compensation to Casualty Insurance Underwriters varies from around $40K to approximately $107K; choice pay grades include potential for bonuses and profit sharing as high as $12K and $15K, respectively. Geography is the biggest factor affecting pay for this group, followed by career duration. Medical benefits are awarded to most, and a strong majority earn dental coverage. Most Casualty Insurance Underwriters report high levels of job satisfaction.
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 of relatively inexperienced workers fall in the neighborhood of $55K, but folks who have racked up five to 10 years see a notably higher median of $70K. Casualty Insurance Underwriters see a median salary of $70K after reaching one to two decades on the job. Casualty Insurance Underwriters who have acquired more than 20 years of relevant experience earn significantly more than folks with fewer years on their resumes; the average income in this veteran group is $74K.
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