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Insurance Underwriter Salary

For Insurance Underwriters, yearly average wages total $51K annually. Total cash compensation to Insurance Underwriters approaches anywhere from $35K on the lower end to $85K on the higher end; in exceptional cases, this can include more than $10K from bonuses and upwards of $9K from profit sharing. Compensation for this group is mainly affected by the company, but geography and years of experience are influential factors as well. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Job satisfaction is high and work is enjoyable for most Insurance Underwriters. 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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$35,660 - $81,184
(Median)
$36K
$51K
$81K
MEDIAN: $51,297
10%
50%
90%

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$11.17 - $29.33
(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
$35,660 - $81,184  
   
Bonus
$0.00 - $9,994  
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).
)
$34,766 - $84,627  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 883
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
$11.17 - $29.33  
   
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 - $9,994  
   
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).
)
$34,766 - $84,627  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 86
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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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Advancing into a Senior Underwriter role seems to be a popular career move for Insurance Underwriters, and folks who currently work in the latter position report a notably larger median income of $72K per year. An Insurance Underwriter often moves 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


Well-known firms with a reputation for hiring numerous Insurance Underwriters include The Travelers Companies, Inc., Liberty Mutual Insurance Group, State Farm Insurance Company, The Chubb Corporation, and The Hanover Insurance Company. The Travelers Companies, Inc. does shell out the biggest paychecks — the median in that office is $77K — 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 $102K.

State Farm Insurance Company pays significantly less than other places with a median salary of $41K, about half the top paying employer's rate.

Popular Skills for Insurance Underwriter


Insurance Underwriters who responded to the survey indicated only a few skills that they use on the job. 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.


For Insurance Underwriters, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. The average worker who claims fewer than five years of experience earns around $47K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $56K. After working for 10 to 20 years, Insurance Underwriters make a median salary of $59K. Insurance Underwriters who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $64K.

Pay Difference by Location


For Insurance Underwriters, busy Boston offers a higher-than-average pay rate, 57 percent above the national average. Insurance Underwriters can also look forward to large paychecks in cities like San Diego (+35 percent), New York (+33 percent), San Francisco (+30 percent), and Philadelphia (+25 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

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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 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 182 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: 90% dental benefits Dental: 78%
vision benefits Vision: 62% employee benefits None: 8%
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