Insurance Underwriter Salary

Average Insurance Underwriters in the United States make around $51K annually. Including potential for bonuses and profit sharing — peaking near $10K and $10K, respectively — total cash payment to Insurance Underwriters can bottom out near $35K or peak near $86K depending on individual performance. Compensation for this group is mainly affected by the company, but geography and years of experience are influential factors as well. The majority of workers are highly satisfied with their job. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The majority of Insurance Underwriters (60 percent) who took the survey are female. The data for this synopsis comes from respondents who took the PayScale salary survey.
Read More
$35,759 - $82,215

Add this chart to your site: 640px    300px

$11.68 - $29.21

Add this chart to your site: 640px    300px

National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$29K$58K$87K
Salary
$35,759 - $82,215  
   
Bonus
$0.00 - $10,123  
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).
)
$34,798 - $85,934  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 893
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$15$30$45
Hourly Rate
$11.68 - $29.21  
   
Overtime
$0.00 - $40.00  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$30K$60K$90K
Bonus
$0.00 - $10,123  
   
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).
)
$34,798 - $85,934  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 90
United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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


Add this chart to your site:   640px 640px    300px 300px


Insurance Underwriters often transition into Senior Underwriter positions, for which compensation tends to be much higher. On average, Senior Underwriters earn $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

Search for more jobs:

Popular Employer Salaries for Insurance Underwriter


The Travelers Companies, Inc., Liberty Mutual Insurance Group, The Chubb Corporation, The Hanover Insurance Company, and State Farm Insurance Company are leaders in the field that employ a large number of Insurance Underwriters. Although The Travelers Companies, Inc. leads the field in pay with a median salary of $78K, employees there receive a wide spread of salaries, from $58K on the low end all the way up to $103K at the top.

With a median employee salary of $40K, 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 seem to require a number of specific skills. Most notably, skills in Commercial, Customer Relationship Management, Financial Analysis, and Risk Management / Risk Control are correlated to pay that is above average. At the other end of the pay range are skills like Data Analysis. Most people 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.


Insurance Underwriters with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Although individuals who have less than five years' experience earn $47K on average, people with five to 10 years benefit from a notably larger average of $56K. Insurance Underwriters with one to two decades of relevant experience report an average salary of approximately $59K. As Insurance Underwriters reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $65K.

Pay Difference by Location


Surpassing the national average by 56 percent, Insurance Underwriters in Boston receive some of the highest pay in the country. Insurance Underwriters can also look forward to large paychecks in cities like New York (+38 percent), San Diego (+34 percent), San Francisco (+31 percent), and Philadelphia (+26 percent). Those in the field find the lowest salaries in Richmond, 9 percent below the national average.

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

United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

Experience Affects Insurance Underwriter Salaries




National Average
$52,000


Skills That Affect Insurance Underwriter Salaries


Customer Relationship Management (CRM)
up arrow 10%

Risk Management / Risk Control
up arrow 2%

Financial Analysis
up arrow 2%

Insurance
up arrow 1%

National Average
$52,000

Data Analysis
up arrow 9%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 170 votes.

Gender

Female
60 %
Male
40 %

Years of Experience

Less than 1 year
8%
1-4 years
32%
5-9 years
25%
10-19 years
19%
20 years or more
16%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 79%
vision benefits Vision: 63% employee benefits None: 8%
ADVERTISEMENT