Insurance Underwriter Salary

Insurance Underwriters in the United States take home approximately $54K per year on average. With some bonuses approaching $11K and certain profit sharing proceeds approaching $6K, overall incomes of Insurance Underwriters spread between $36K and $84K depending on individual performance. Geography is the biggest factor affecting pay for this group, followed by the company and tenure. Female Insurance Underwriters are more common than men among those who completed the survey; more than half (62 percent) are women. The majority of workers are highly satisfied with their job. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. Respondents to the PayScale salary survey provided the data for this report.
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$38,714 - $82,510
$39K
$54K
$83K
MEDIAN: $54,256
10%
50%
90%

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$11.88 - $27.00
$12
$18
$27
MEDIAN: $18.47
10%
50%
90%

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$0$84K
Salary $38,714 - $82,510
Bonus $493.42 - $11,281
Profit Sharing $0.00 - $5,667
Commission $503 - $15,205
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).
)
$36,186 - $84,462
  • Country: United States
  • Currency: USD
  • Updated: 25 Jul 2017
  • Individuals Reporting: 715
Hourly Data $0$44
Hourly Rate $11.88 - $27.00
Overtime $1.44 - $44.84
Annual Data $0$84K
Bonus $493.42 - $11,281
Commission $503 - $15,205
Profit Sharing $0.00 - $5,667
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).
)
$36,186 - $84,462
  • Country: United States
  • Currency: USD
  • Updated: 25 Jul 2017
  • Individuals Reporting: 110

Find Out Exactly What You Should Be Paid

Germany (change)

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

  • Analyze new and renewal business, data, claim history, loss experience, and outcome of liability decisions.
  • Underwrite, submit, approve or pend coverage amounts and premiums, 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.

Common Career Paths for Insurance Underwriter


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There are some Insurance Underwriters — though it's uncommon — that transition into Managers of Underwriting, where earnings are an average $88K annually. The most common promotion for Insurance Underwriters is Senior Underwriter, a position that typically pays $74K annually. Another standard transition for Insurance Underwriters seeking advancement is to assume a Commercial Property Insurance Underwriter role, where pay is often $50K.

Insurance Underwriter Job Listings

Popular Employer Salaries for Insurance Underwriter


Insurance Underwriters fill the offices of leading firms The Travelers Companies, Inc., The Chubb Corporation, The Hanover Insurance Company, Liberty Mutual Insurance Group, and EMC Insurance Companies. Liberty Mutual Insurance Group attracts talent by shelling out the biggest paychecks in the area — the median in that office is $77K. The Chubb Corporation, The Travelers Companies, Inc., and The Hartford Financial Services Group, Inc. also offer top salaries for Insurance Underwriters. Workers at these firms can expect to earn about $73K, $69K, and $67K, respectively.

Other low-paying employers include Brown & Brown Insurance at $55K and The Hanover Insurance Company at $57K, though some Insurance Underwriters there earn up to $122K.

Popular Skills for Insurance Underwriter


Survey results suggest that Insurance Underwriters use a fairly large toolkit of professional skills. Most notably, facility with Underwriting, Financial Analysis, and Commercial are correlated to pay that is significantly above average, leading to increases of 46 percent, 9 percent, and 7 percent, respectively. Skills that seem to negatively impact pay include Data Analysis and Customer Service. Most people skilled in Insurance are similarly competent in Commercial.

Pay by Experience Level for Insurance Underwriter

Pay by Experience for an Insurance Underwriter has a positive trend. An entry-level Insurance Underwriter with less than 5 years of experience can expect to earn an average total compensation of $48,000 based on 399 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. An Insurance Underwriter with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $54,000 based on 216 salaries. An experienced Insurance Underwriter which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $60,000 based on 224 salaries. An Insurance Underwriter with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $72,000 based on 114 salaries.

Pay Difference by Location

National Average: $53,692

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

Philadelphia is home to an above-average pay rate for Insurance Underwriters, 58 percent higher than the national average. Insurance Underwriters will also find cushy salaries in San Francisco (+47 percent), Denver (+40 percent), New York (+34 percent), and Los Angeles (+29 percent). Those in the field find the lowest salaries in Houston, 15 percent below the national average. Atlanta and Des Moines are a couple other places where companies are known to pay below the median — salaries are 13 percent lower and 4 percent lower, respectively.

Insurance Underwriter Reviews

Q: What is it like working as an Insurance Underwriter?

Insurance Underwriter in Visalia:
"Its hard even challenging at times."
Pros: It gives me confidance inself to know I can do well in such a skilled field.
Cons: Sitting in front of a screen all day long and the strees of deadlines and quotas.

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

Key Stats for Insurance Underwriter

Gender

Female
62 %
Male
38 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 142 votes.
Less than 1 year
7%
1-4 years
34%
5-9 years
20%
10-19 years
24%
20 years or more
15%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Insurance Underwriter Salaries

▲34%

▲12%

▲1%

National Average
$54,000

▼10%

Skills That Affect Insurance Underwriter Salaries

Underwriting
▲46%


▲7%

Customer Relationship Management (CRM)
▲5%

National Average
$54,000


▼2%

Customer Service
▼9%

Data Analysis
▼13%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 142 votes.

Gender

Female
62 %
Male
38 %

Years of Experience

Less than 1 year
7%
1-4 years
34%
5-9 years
20%
10-19 years
24%
20 years or more
15%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 72%
vision benefits
Vision: 63%
no benefits
None: 14%
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