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Insurance Underwriter Salary (United States)

For Insurance Underwriters, yearly wages usually total $51K annually. Total cash compensation to Insurance Underwriters ranges from $34K on the lower end to $83K on the higher end; the final number includes potential for approximately $8K each from bonuses and profit sharing in exceptional cases. The most influential factor affecting pay for this group is geography, though the specific employer and years of experience have a (lesser) impact as well. A solid majority report receiving medical coverage from their employers and most collect dental insurance. Women make up the majority of Insurance Underwriters (62 percent). Most Insurance Underwriters report high levels of job satisfaction. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
Insurance Underwriter Salary (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$34,792 - $79,804
(Median)
35K
51K
64K
80K
MEDIAN: $50,622
10%
50%
75%
90%
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Insurance Underwriter Salary (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$10.94 - $29.59
(Median)
11
16
22
30
MEDIAN: $16.00
10%
50%
75%
90%
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National Salary Data

 (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$28K$56K$84K
Salary
$34,792 - $79,804  
   
Bonus
$0.00 - $8,316  
Profit Sharing
$493.16 - $7,951  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$34,013 - $83,018  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 827
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$14$28$42
Hourly Rate
$10.94 - $29.59  
   
Overtime
$0.00 - $38.44  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$28K$56K$84K
Bonus
$0.00 - $8,316  
   
Profit Sharing
$493.16 - $7,951  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$34,013 - $83,018  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 75
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Job Description for Insurance Underwriter

An insurance underwriter helps assess risks, analyze payment and premiums related to those risks, and determine if a business or entity should be insured. Insurance underwriters typically work in an insurance company and must have strong accounting and statistical analysis skills.
Read More...
Insurance Underwriter Tasks
  • 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.
  • Underwrite, submit, approve or pend loans, and present decisions to management.
  • Monitor existing policies for compliance with company guidelines.

Common Career Paths for Insurance Underwriter

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Insurance Underwriters' salaries can rise greatly for those who assume a higher-end position such as a Senior Underwriter. Senior Underwriters usually get paid $71K per year. Becoming an Commercial Property Insurance Underwriter or an Casualty Insurance Underwriter is often the next step for an Insurance Underwriter.

Insurance Underwriter Job Listings

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Popular Employer Salaries for Insurance Underwriter

The Travelers Companies, Inc., Liberty Mutual Insurance Group, The Chubb Corporation, The Hanover Insurance Company, and State Farm Insurance Company are among the top companies that take on many Insurance Underwriters. With a median salary of $77K, The Travelers Companies, Inc. offers Insurance Underwriters the highest pay. However, earnings don't seem to live on a large spectrum; they generally peter out at $61K and are capped at $105K.
Earnings fall especially short at State Farm Insurance Company, where the median salary of $41K is the lowest in the field, about half the top paying employer's rate. Others at the bottom of the scale for this job include The Hanover Insurance Company at $57K, and Liberty Mutual Insurance Group where $61K is the norm.

Popular Skills for Insurance Underwriter

Overall, survey participants reported applying a fair number of skills to their work. Most notably, facility with Commercial, Customer Relationship Management (CRM), and Risk Management / Risk Control are correlated to pay that is significantly above average, leading to increases of 21 percent, 11 percent, and 3 percent, respectively. Most people experienced in Commercial also know Risk Management / Risk Control.

Pay by Experience Level for Insurance Underwriter

Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Insurance Underwriters, extensive experience does not lead to significantly more money. Those in the early stages of their career can expect to make around $45K; however, individuals with five to 10 years of experience bring in $54K on average — a distinctly larger sum. For Insurance Underwriters, 10 to 20 years of experience on the job amounts to an average salary of $58K. As Insurance Underwriters reach more than two decades on the job, compensation remains commensurate with experience; the average sum in this group is $65K. One to nine years of experience is standard for most employees in this area; a majority of respondents fit between this range. Experienced employees who have 10-20 years of experience make up just under one-fifth of the workforce; inexperienced individuals who have been working for less than one year comprise less than one in ten, and senior people with more than 20 years under their belt fill out the remaining approximately one in seven.

Pay Difference By Location

Boston
up arrow 57%
Houston
up arrow 47%
San Francisco
up arrow 30%
Denver
up arrow 30%
Charlotte
up arrow 25%
Philadelphia
up arrow 24%
Tampa
up arrow 22%
Chicago
up arrow 21%
New York
up arrow 19%
Hartford
up arrow 16%
Los Angeles
up arrow 15%
Phoenix
up arrow 11%
Atlanta
up arrow 8%
National Average
$51,000
Dallas
up arrow 1%
Richmond
up arrow 19%
Larger circles over a city indicate a job is popular in that location.
Insurance Underwriters will find that Boston offers an impressive pay rate, one which exceeds the national average by 57 percent. Other big spenders include Houston, San Francisco, Denver, and Charlotte, top-paying cities where Insurance Underwriters see paychecks higher than average (+47 percent, +30 percent, +30 percent, and +25 percent). Those in the field find the lowest salaries in Richmond, 19 percent below the national average.

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Experience Affects Insurance Underwriter Salaries

National Average
$51,000

Skills That Affect Insurance Underwriter Salaries

Customer Relationship Management (CRM)
up arrow 11%
Risk Management / Risk Control
up arrow 3%
Financial Analysis
up arrow 3%
Insurance
up arrow 2%
National Average
$51,000

Job Satisfaction

Highly satisfied Image
Highly satisfied
Rated 4 out of 5 based on 202 votes.

Gender

Female
62%
female alumni
 
Male
38%
male alumni

Years of Experience

Less than 1 year
9%
1-4 years
30%
5-9 years
27%
10-19 years
18%
20 years or more
15%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 78%
vision benefits Vision: 60% employee benefits None: 9%