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Insurance Underwriter Salary

Median pay for Insurance Underwriters in the United States is around $51K annually. With some bonuses approaching $10K and certain profit sharing proceeds approaching $9K, overall incomes of Insurance Underwriters spread between $34K and $85K depending on individual performance. The most influential factor affecting pay for this group is the company, though geography and years of experience have a (lesser) impact as well. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. Job satisfaction is high and work is enjoyable for most Insurance Underwriters. Women make up the majority of Insurance Underwriters (62 percent) who completed the questionnaire. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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$35,249 - $81,373
(Median)
$35K
$51K
$81K
MEDIAN: $51,084
10%
50%
90%

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$11.02 - $29.36
(Median)
$11
$16
$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
$35,249 - $81,373  
   
Bonus
$0.00 - $10,045  
Profit Sharing
$557 - $9,299  
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).
)
$34,436 - $85,345  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 861
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
$11.02 - $29.36  
   
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 - $10,045  
   
Commission
$3,402 - $12,335  
Profit Sharing
$557 - $9,299  
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).
)
$34,436 - $85,345  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 85

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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 often transition into Senior Underwriter positions, for which compensation tends to be much higher. On average, Senior Underwriters earn $72K per year. Becoming a Commercial Property Insurance Underwriter or a Casualty Insurance Underwriter is a common transition from an Insurance Underwriter role.

Insurance Underwriter Job Listings

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Popular Employer Salaries for Insurance Underwriter


Well-known firms with a reputation for hiring numerous Insurance Underwriters include The Travelers Companies, Inc., Liberty Mutual Insurance Group, The Chubb Corporation, The Hanover Insurance Company, and State Farm Insurance Company. The Travelers Companies, Inc. pays the most with a median salary of $77K, though with a large amount of variation, going from a low of $58K to a high of $102K.

The smallest paychecks in the field are found at State Farm Insurance Company, where the median salary is a mere $41K, about half the top paying employer's rate.

Popular Skills for Insurance Underwriter


Insurance Underwriters report a narrow range of specific skills. Most notably, skills in Commercial, Customer Relationship Management, Insurance, and Risk Management / Risk Control are correlated to pay that is above average. The majority of those who know 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.


Insurance Underwriters with a lot of experience do not necessarily enjoy more money. Respondents with less than five years' experience take home $47K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $55K. Insurance Underwriters claiming one to two decades of experience make an estimated median of $59K. Veterans who have acquired more than 20 years report a median income of $65K, which is generally higher than the pay reported by other tenure groups.

Pay Difference by Location


Insurance Underwriters will find that Boston offers an impressive pay rate, one which exceeds the national average by 57 percent. Insurance Underwriters can also look forward to large paychecks in cities like San Diego (+36 percent), New York (+33 percent), San Francisco (+30 percent), and Philadelphia (+26 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)

Experience Affects Insurance Underwriter Salaries




National Average
$51,000


Skills That Affect Insurance Underwriter Salaries


Customer Relationship Management (CRM)
up arrow 10%

Insurance
up arrow 3%

Risk Management / Risk Control
up arrow 2%

Financial Analysis
up arrow 2%

National Average
$51,000

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 187 votes.

Gender

Female
62 %
Male
38 %

Years of Experience

Less than 1 year
9%
1-4 years
30%
5-9 years
26%
10-19 years
19%
20 years or more
16%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 78%
vision benefits Vision: 61% employee benefits None: 9%