Insurance Underwriter Salary

The market for Insurance Underwriters is most competitive on the East Coast, where the three top-paying cities can be found: Boston, New York, and Philadelphia. Total cash earnings of Insurance Underwriters range from $35K on the low end to $86K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $10K and $9K, respectively. While the particular city and experience level impact pay for this group, the particular firm is the most influential factor. There are more female Insurance Underwriters who answered the questionnaire than male, making up 61 percent. 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 the greater part. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
Read More
$35,720 - $82,017
(Median)
$36K
$51K
$82K
MEDIAN: $51,445
10%
50%
90%

Add this chart to your site: 640px    300px

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

Add this chart to your site: 640px    300px

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
United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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


Add this chart to your site:   640px 640px    300px 300px


Insurance Underwriters might see a strong upturn in salary after transitioning into upper-level roles such as Senior Underwriter, a seemingly popular career choice. People currently working in the latter position report a noticeably higher median income 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

Search for more jobs:

Popular Employer Salaries for Insurance Underwriter


Known for taking on a considerable number of Insurance Underwriters, The Travelers Companies, Inc., Liberty Mutual Insurance Group, The Chubb Corporation, The Hanover Insurance Company, and State Farm Insurance Company are leading firms in the industry. Insurance Underwriters in search of the best pay head to The Travelers Companies, Inc., where the median salary rolls in at $77K. Although pay is top-notch overall, it does seem to be curbed at $100K, which isn't dramatically higher than the lower-end figure of $60K.

The smallest paychecks in the field are found at State Farm Insurance Company, where the median salary is a mere $40K, just about half of the top paying company's median.

Popular Skills for Insurance Underwriter


Overall, survey participants reported applying a fair number of skills to their work. 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. Those educated in Insurance tend to be well versed in Commercial.

Pay by Experience Level for Insurance Underwriter

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


For Insurance Underwriters, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Survey participants with less than five years' experience pocket $47K on average, but those with five to 10 years of experience enjoy a much bigger median of $56K. On average, Insurance Underwriters make $58K following one to two decades on the job. After two decades in the workforce, the average Insurance Underwriter generally earns more than ever; median pay for this group is estimated at $68K.

Pay Difference by Location

National Average: $51,631

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

Insurance Underwriters in search of higher pay head east. Boston, New York, and Philadelphia all offer salaries above the national rate. Phoenix is home to the smallest salaries in the field, lagging the national average by 2 percent.

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

United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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%
ADVERTISEMENT