Insurance Underwriter Salary (United States)

Pay for Insurance Underwriters in the United States sits in the ballpark of $50,954 per year. Pay generally spreads from $34,013 to $83,018 per year. Total cash compensation to Insurance Underwriters ranges from $34,013 on the lower end to $83,018 on the higher end; the final number includes potential for approximately $8,316 each from bonuses and profit sharing in exceptional cases. Earnings for this group are mostly affected by residency, followed by the company and tenure. Medical benefits are awarded to the greater part, and most earn dental coverage. Women make up the majority of Insurance Underwriters (62 percent). Job satisfaction is high and work is enjoyable for most Insurance Underwriters. This outline is based on answers to PayScale's salary survey.
Insurance Underwriter Salary (?
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.
)
$34,792 - $79,804
(Median)
35K
51K
64K
80K
MEDIAN: $50,622
10%
50%
75%
90%
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Insurance Underwriter Salary (?
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.
)
$10.94 - $29.59
(Median)
11
16
22
30
MEDIAN: $16.00
10%
50%
75%
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$28K$56K$84K
Salary
$34,792 - $79,804  
   
Bonus
$0.00 - $8,316  
Profit Sharing
$493.16 - $7,951  
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).
)
$34,013 - $83,018  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 827
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$14$28$42
Hourly Rate
$10.94 - $29.59  
   
Overtime
$0.00 - $38.44  
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$28K$56K$84K
Bonus
$0.00 - $8,316  
   
Profit Sharing
$493.16 - $7,951  
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).
)
$34,013 - $83,018  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 75
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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.
Read More...
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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As Insurance Underwriters make advancements in their career path, salaries often climb aggressively. Typically, those in less important roles will make $20K less annually than those in higher-end positions, such as Senior Underwriter. It is not uncommon for an Insurance Underwriter to continue on to become an Commercial Property Insurance Underwriter or an Casualty Insurance Underwriter.

Insurance Underwriter Job Listings

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Popular Employer Salaries for Insurance Underwriter

Dominating the field, The Travelers Companies, Inc., Liberty Mutual Insurance Group, The Chubb Corporation, The Hanover Insurance Company, and State Farm Insurance Company are top firms with a reputation for hiring a great number of Insurance Underwriters. The Travelers Companies, Inc. pays the most with a median salary of $77,316, though there is little variation overall ($61K-$105K).
With a median employee salary of $40,512, State Farm Insurance Company pays significantly less than other companies with the same focus (about half of the rate of the top paying employer). Another company with smaller-than-average paychecks is The Hanover Insurance Company.

Popular Skills for Insurance Underwriter

Survey results show that Insurance Underwriters use a fair number of skills. Most notably, facility with Commercial, Customer Relationship Management (CRM), and Risk Management / Risk Control are correlated to pay that is significantly above average, leading to increases of 21 percent, 11 percent, and 3 percent, respectively. Most people 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 higher salaries, as pay increases are mainly incremental. Beginning workers can expect to earn $45K starting out, which grows to $55K after five to 10 years. Between 10 and 20 years, pay reaches $58K. Insurance Underwriters experience only minor salary growth after working for two decades, bringing in around $65K. Experienced employees who have 10-20 years of experience make up about one in five of the workforce; inexperienced individuals who have been working for less than one year comprise less than 10 percent, and senior people with more than 20 years under their belt fill out the remaining 15 percent. More than half of respondents report having between one and nine years of experience in this field.

Pay Difference By Location

Boston
up arrow 57%
Houston
up arrow 47%
San Francisco
up arrow 30%
Denver
up arrow 30%
Charlotte
up arrow 25%
Philadelphia
up arrow 24%
Tampa
up arrow 22%
Chicago
up arrow 21%
New York
up arrow 19%
Hartford
up arrow 16%
Los Angeles
up arrow 15%
Phoenix
up arrow 11%
Atlanta
up arrow 8%
National Average
$51,000
Dallas
up arrow 1%
Richmond
up arrow 19%
Larger circles over a city indicate a job is popular in that location.
Boston offers some of the highest pay in the country for Insurance Underwriters, 57 percent above the national average. Insurance Underwriters will also find cushy salaries in Houston (+47 percent), San Francisco (+30 percent), Denver (+30 percent), and Charlotte (+25 percent). With compensation 19 percent below the national average, Richmond is not known for hefty paychecks and actually represents the lowest-paying market.

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%
Risk Management / Risk Control
up arrow 3%
Financial Analysis
up arrow 3%
Insurance
up arrow 2%
National Average
$51,000

Job Satisfaction

Highly satisfied Image
Highly satisfied
Rated 4 out of 5 based on 202 votes.

Gender

Female
62%
female alumni
 
Male
38%
male alumni

Years of Experience

Less than 1 year
9%
1-4 years
30%
5-9 years
27%
10-19 years
18%
20 years or more
15%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 78%
vision benefits Vision: 60% employee benefits None: 9%
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