Insurance Underwriter Salary

Average Insurance Underwriters in the United States make around $51K per year. Total cash compensation to Insurance Underwriters bottoms out near $35K and approaches $85K on the high end; the biggest paychecks include approximately $10K from bonuses and almost $9K from profit sharing. While the particular city and years of experience impact pay for this group, the specific employer is the most influential factor. Almost all enjoy medical while a fair number get dental coverage. Vision coverage is also available to a majority. Most Insurance Underwriters report high levels of job satisfaction. The majority of Insurance Underwriters (61 percent) who took the survey are female. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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$35,664 - $81,310
(Median)
$36K
$51K
$81K
MEDIAN: $51,265
10%
50%
90%

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$11.56 - $29.33
(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
$35,664 - $81,310  
   
Bonus
$0.00 - $10,036  
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).
)
$34,837 - $84,643  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 885
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
$11.56 - $29.33  
   
Overtime
$0.00 - $39.73  
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 - $10,036  
   
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).
)
$34,837 - $84,643  
Country: United States | Currency: USD | Updated: 20 Jun 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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Insurance Underwriters often transition into Senior Underwriter positions, for which compensation tends to be much higher. On average, Senior Underwriters earn $72K per year. A Commercial Property Insurance Underwriter or a Casualty Insurance Underwriter is a typical transition from an Insurance Underwriter role.

Insurance Underwriter Job Listings

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Popular Employer Salaries for Insurance Underwriter


The Travelers Companies, Inc., Liberty Mutual Insurance Group, State Farm Insurance Company, The Chubb Corporation, and The Hanover Insurance Company are top-notch employers for Insurance Underwriters in this area. 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.

State Farm Insurance Company employees cannot expect much in terms of compensation — the median salary amounts to only $41K, just about half of the top paying company's median.

Popular Skills for Insurance Underwriter


Insurance Underwriters generally report applying a varied skill set to their work. Most notably, skills in Commercial, Customer Relationship Management, Risk Management / Risk Control, and Financial Analysis are correlated to pay that is above average. The majority of those who know Insurance also know Commercial.

Pay by Experience Level for Insurance Underwriter

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


For Insurance Underwriters, experience does not seem to be a major factor in determining pay. Those in the early stages of their career can expect to make around $47K; however, individuals with five to 10 years of experience bring in $56K on average — a distinctly larger sum. Insurance Underwriters who work for 10 to 20 years in their occupation tend to earn about $59K. After two decades in the workforce, the average Insurance Underwriter generally earns more than ever; median pay for this group is estimated at $64K.

Pay Difference by Location


Boston is home to an above-average pay rate for Insurance Underwriters, 57 percent higher than the national average. Insurance Underwriters will also find cushy salaries in San Diego (+35 percent), New York (+33 percent), San Francisco (+30 percent), and Chicago (+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.

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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 2%

National Average
$52,000

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 176 votes.

Gender

Female
61 %
Male
39 %

Years of Experience

Less than 1 year
8%
1-4 years
32%
5-9 years
26%
10-19 years
19%
20 years or more
15%

Common Health Benefits

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