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Insurance Underwriter Salary

Average Insurance Underwriters in the United States make around $51K per year. Cash earnings for Insurance Underwriters — which occasionally include more than $10K from bonuses and more than $9K from profit sharing — stretch from around $35K to approximately $85K. While the particular city and years of experience impact pay for this group, the company is the most influential factor. Most Insurance Underwriters report high levels of job satisfaction. Medical benefits are awarded to a large number, and a fair number earn dental coverage. The majority of Insurance Underwriters (61 percent) who took the survey are women. This snapshot results from replies to PayScale's salary survey.
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$35,482 - $81,294
(Median)
$35K
$51K
$81K
MEDIAN: $51,318
10%
50%
90%

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$11.08 - $29.39
(Median)
$11
$17
$29
MEDIAN: $16.00
10%
50%
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$29K$58K$87K
Salary
$35,482 - $81,294  
   
Bonus
$0.00 - $10,051  
Profit Sharing
$557 - $9,133  
Commission
$3,402 - $12,335  
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).
)
$34,702 - $85,257  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 876
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$15$30$45
Hourly Rate
$11.08 - $29.39  
   
Overtime
$0.00 - $40.00  
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$30K$60K$90K
Bonus
$0.00 - $10,051  
   
Commission
$3,402 - $12,335  
Profit Sharing
$557 - $9,133  
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).
)
$34,702 - $85,257  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 84

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United States (change)


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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.

Insurance Underwriter Job Listings

Jobs by Simply Hired
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Popular Employer Salaries for Insurance Underwriter


The Travelers Companies, Inc., Liberty Mutual Insurance Group, State Farm Insurance Company, The Chubb Corporation, and The Hanover Insurance Company are top-notch employers for Insurance Underwriters in this area. Employees of The Travelers Companies, Inc. can expect to make the most, with the company offering a median salary of $77K; however, pay is widely dispersed from bottom to top, ranging from $58K to $102K.

Known for its small paychecks, State Farm Insurance Company actually ranks last in the field for salary, reporting a median income of $41K — just about half of the top paying company's median.

Popular Skills for Insurance Underwriter


Insurance Underwriters report a focused set of job skills. Most notably, skills in Commercial, Customer Relationship Management, Insurance, and Risk Management / Risk Control are correlated to pay that is above average. Those familiar with Commercial also tend to 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.


Insurance Underwriters with a lot of experience do not necessarily enjoy more money. Although individuals who have less than five years' experience earn $47K on average, people with five to 10 years benefit from a notably larger average of $56K. After working for 10 to 20 years, Insurance Underwriters make a median salary of $59K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $65K, demonstrating that compensation is roughly commensurate with experience in the end.

Pay Difference by Location


Insurance Underwriters will find that Boston offers an impressive pay rate, one which exceeds the national average by 56 percent. Insurance Underwriters will also find cushy salaries in San Diego (+35 percent), New York (+33 percent), San Francisco (+31 percent), and Philadelphia (+25 percent). With compensation 2 percent below the national average, Dallas is not known for hefty paychecks and actually represents the lowest-paying market.

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.

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United States (change)

Experience Affects Insurance Underwriter Salaries




National Average
$52,000


Skills That Affect Insurance Underwriter Salaries


Customer Relationship Management (CRM)
up arrow 10%

Insurance
up arrow 2%

Risk Management / Risk Control
up arrow 2%

Financial Analysis
up arrow 1%

National Average
$52,000

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 183 votes.

Gender

Female
61 %
Male
39 %

Years of Experience

Less than 1 year
8%
1-4 years
31%
5-9 years
26%
10-19 years
19%
20 years or more
15%

Common Health Benefits

medical benefits Medical: 89% dental benefits Dental: 78%
vision benefits Vision: 62% employee benefits None: 9%
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