Insurance Underwriter Salary

Insurance Underwriters in the United States take home an average $52K annually. Cash earnings for Insurance Underwriters — which occasionally include more than $10K from bonuses and more than $10K from profit sharing — stretch from around $35K to approximately $86K. Compensation for this group is mainly affected by the particular firm, but geography and years of experience are influential factors as well. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. For the most part, Insurance Underwriters enjoy their work and report high levels of job satisfaction. Insurance Underwriters survey participants are largely women, dominating at 60 percent. This overview is based on answers to PayScale's salary questionnaire.
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$35,725 - $82,312
(Median)
$36K
$52K
$82K
MEDIAN: $51,516
10%
50%
90%

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$11.59 - $29.30
(Median)
$12
$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
$35,725 - $82,312  
   
Bonus
$0.00 - $10,149  
Profit Sharing
$457.73 - $9,558  
Commission
$2,000 - $12,208  
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).
)
$34,896 - $85,975  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 886
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
$11.59 - $29.30  
   
Overtime
$0.00 - $40.26  
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 - $10,149  
   
Commission
$2,000 - $12,208  
Profit Sharing
$457.73 - $9,558  
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).
)
$34,896 - $85,975  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 87
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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 who move on to become Senior Underwriters may enjoy significant pay raises, as Senior Underwriters get paid an average of $72K per year. It is not uncommon for an Insurance Underwriter to continue on to become a Commercial Property Insurance Underwriter or a Casualty Insurance Underwriter.

Insurance Underwriter Job Listings

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Popular Employer Salaries for Insurance Underwriter


Leading companies who hire large numbers of Insurance Underwriters include The Travelers Companies, Inc., Liberty Mutual Insurance Group, The Chubb Corporation, State Farm Insurance Company, and The Hanover Insurance Company. The Travelers Companies, Inc. does shell out the biggest paychecks — the median in that office is $78K — but the company pay scale is greatly mixed, meaning that workers on the low end may earn only $58K while workers on the upper end may rake in up to $103K.

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

Popular Skills for Insurance Underwriter


Insurance Underwriters report using a wide range of professional skills. Most notably, skills in Commercial, Customer Relationship Management, Risk Management / Risk Control, and Insurance are correlated to pay that is above average. Most people skilled in Insurance are similarly competent in Commercial.

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. Salaries for the relatively untried average out to around $47K, but survey participants with five to 10 years of experience earn a significantly higher median of $56K. The average pay reported by folks with 10 to 20 years of experience is around $59K. In the end, more experience does seem to mean larger paychecks; seasoned Insurance Underwriters with more than 20 years of experience earn a predictably higher median salary of $65K.

Pay Difference by Location


For Insurance Underwriters, working in the bustling city of Boston has its advantages, including an above-average pay rate. Insurance Underwriters can also look forward to large paychecks in cities like New York (+36 percent), San Diego (+34 percent), San Francisco (+31 percent), and Philadelphia (+26 percent). Falling short of the national average by 9 percent, the area with the worst salaries is Richmond.

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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Experience Affects Insurance Underwriter Salaries




National Average
$52,000


Skills That Affect Insurance Underwriter Salaries


Customer Relationship Management (CRM)
up arrow 9%

Insurance
up arrow 2%

Risk Management / Risk Control
up arrow 2%

Financial Analysis
up arrow 2%

National Average
$52,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 171 votes.

Gender

Female
60 %
Male
40 %

Years of Experience

Less than 1 year
8%
1-4 years
32%
5-9 years
26%
10-19 years
19%
20 years or more
16%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 79%
vision benefits Vision: 62% employee benefits None: 8%
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