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Insurance Underwriter Salary

Insurance Underwriters in the United States can expect to earn an average of $51K annually. Final cash compensation to Insurance Underwriters varies from around $34K to approximately $84K; choice pay grades include potential for bonuses and profit sharing as high as $10K and $9K, respectively. This group's pay is mainly influenced by residence, followed by the specific employer and years of experience. 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. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. The figures in this rundown are based on the results of PayScale's salary questionnaire.
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$34,934 - $80,645
(Median)
$35K
$51K
$81K
MEDIAN: $50,844
10%
50%
90%

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$10.87 - $29.42
(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
$34,934 - $80,645  
   
Bonus
$0.00 - $9,713  
Profit Sharing
$453.58 - $9,060  
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).
)
$34,056 - $84,191  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 822
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
$10.87 - $29.42  
   
Overtime
$0.00 - $39.15  
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 - $9,713  
   
Profit Sharing
$453.58 - $9,060  
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).
)
$34,056 - $84,191  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 80
United States (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

  • 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 might see a strong upturn in salary transition into upper-level roles like Senior Underwriter. Median pay for a Senior Underwriter is $71K per year. Becoming an Commercial Property Insurance Underwriter or an 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. Although The Travelers Companies, Inc. heads up the field in terms of compensation, offering the highest median salary at $77K, pay at this particular employer still varies considerably, running the full spectrum from $58K to $102K.

With a median employee salary of $41K, State Farm Insurance Company pays significantly less than its competitors (about half the top paying employer's rate).

Popular Skills for Insurance Underwriter


Insurance Underwriters typically list a handful of skills they use on the job. Most notably, facility with Commercial and Customer Relationship Management (CRM) are correlated to pay that is significantly above average, leading to increases of 20 percent and 11 percent, respectively. Those proficient in Commercial are, more often than not, also skilled in Risk Management / Risk Control.

Pay by Experience Level for Insurance Underwriter

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


Experience and pay tend to be weakly linked for Insurance Underwriters — those with more experience do not necessarily bring in higher earnings. The average worker who claims fewer than five years of experience earns around $45K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $55K. Insurance Underwriters who work for 10 to 20 years in their occupation tend to earn about $59K. Veterans who have acquired more than 20 years report a median income of $64K, which is generally higher than the pay reported by other tenure groups.

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

Experience Affects Insurance Underwriter Salaries




National Average
$51,000


Skills That Affect Insurance Underwriter Salaries


Customer Relationship Management (CRM)
up arrow 11%

Insurance
up arrow 2%

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 188 votes.

Gender

Female
62 %
Male
38 %

Years of Experience

Less than 1 year
9%
1-4 years
30%
5-9 years
27%
10-19 years
19%
20 years or more
15%

Common Health Benefits

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