Insurance Underwriter Salary

The three top-paying cities for Insurance Underwriters in the United States — Boston, New York, and Philadelphia — are all on the East Coast. Total cash compensation for Insurance Underwriters runs from $35K to $86K depending on bonuses that can occasionally exceed $10K and profit sharing that can reach almost $9K. This group's pay is mainly influenced by the company, followed by the particular city and experience level. Female Insurance Underwriters survey participants are more prevalent than men — 61 percent of professionals. Most Insurance Underwriters like their work and job satisfaction is high. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to a majority. The numbers in this rundown were provided by PayScale's salary survey participants.
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$35,720 - $82,017
(Median)
$36K
$51K
$82K
MEDIAN: $51,445
10%
50%
90%

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$11.74 - $28.02
(Median)
$12
$17
$28
MEDIAN: $17.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$29K$58K$87K
Salary
$35,720 - $82,017  
   
Bonus
$0.00 - $10,257  
Profit Sharing
$453.58 - $9,279  
Commission
$3,561  
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).
)
$34,858 - $85,994  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 1,016
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$15$30$45
Hourly Rate
$11.74 - $28.02  
   
Hourly Tips
$2.50  
Overtime
$0.00 - $39.73  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$30K$60K$90K
Bonus
$0.00 - $10,257  
   
Commission
$3,561  
Profit Sharing
$453.58 - $9,279  
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).
)
$34,858 - $85,994  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 104
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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.

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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 who move on to become Senior Underwriters may enjoy significant pay raises, as Senior Underwriters get paid an average of $73K per year. A Commercial Property Insurance Underwriter or a Casualty Insurance Underwriter is a typical transition from an Insurance Underwriter role.

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 top-notch employers for Insurance Underwriters in this area. The Travelers Companies, Inc. pays the most with a median salary of $77K, though there is little variation overall ($60K to $100K).

State Farm Insurance Company lags the field greatly in terms of pay, offering a median salary just about half of the top paying company's median ($40K).

Popular Skills for Insurance Underwriter


Survey results show that Insurance Underwriters use a fair number of skills. Most notably, skills in Commercial, Customer Relationship Management, Financial Analysis, and Risk Management / Risk Control are correlated to pay that is above average. Skills that pay less than market rate include Data Analysis. Most people skilled in Insurance are similarly competent in Commercial.

Pay by Experience Level for Insurance Underwriter

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Insurance Underwriters with a lot of experience do not necessarily enjoy more money. Salaries of relatively inexperienced workers fall in the neighborhood of $47K, but folks who have racked up five to 10 years see a notably higher median of $56K. Insurance Underwriters see a median salary of $58K after reaching one to two decades on the job. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $68K, demonstrating that compensation is roughly commensurate with experience in the end.

Pay Difference by Location

National Average: $51,631

Larger city markers indicate a job is popular in that location.

Insurance Underwriters earn a generous sum in eastern parts of the United States: Boston, New York, and Philadelphia each offer salaries above the national average. The lowest-paying market is Phoenix, which sits 2 percent below the national average.

Insurance Underwriter Reviews

What is it like working as an Insurance Underwriter?

Insurance Underwriter in Pottstown:
"Commercial Lines Underwriter."
Pros: Good use of analytical skills. Many opportunities to solve unique problems. Great pay with the right company. Easy to find work with experience.
Cons: Sometimes we are required to wear too many hats. Underwriters are now expected to perform marketing tasks, answer accounting questions, help with premium audits or risk control surveys. The companies basically want you to earn your salary so the responsibilities pile up.

Related Job Salaries

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Experience Affects Insurance Underwriter Salaries




National Average
$52,000


Skills That Affect Insurance Underwriter Salaries


Customer Relationship Management (CRM)
up arrow 10%

Financial Analysis
up arrow 2%

Risk Management / Risk Control
up arrow 1%

Insurance
0%

National Average
$52,000

Data Analysis
up arrow 9%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 177 votes.

Gender

Female
61 %
Male
39 %

Years of Experience

Less than 1 year
8%
1-4 years
32%
5-9 years
25%
10-19 years
21%
20 years or more
15%

Common Health Benefits

medical benefits
Medical: 88%
dental benefits
Dental: 77%
medical benefits
Vision: 64%
dental benefits
None: 9%
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