Pay for Insurance Underwriters in the United States sits in the ballpark of $53K annually. Cash earnings of Insurance Underwriters — including $11K in bonuses, $8K in profit sharing proceeds, and $15K in commissions near the top of the pay scale — stretch from approximately $36K to approximately $84K depending on individual performance. The most important factor affecting compensation for this group is the particular firm, followed by geography and experience level. Job satisfaction for Insurance Underwriters is high. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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$38,329 - $81,607
$38K
$53K
$82K
MEDIAN: $52,884
10%
50%
90%

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$11.74 - $25.82
$12
$18
$26
MEDIAN: $18.00
10%
50%
90%

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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$28K$56K$84K
Salary
$38,329 - $81,607  
   
Bonus
$483.95 - $10,768  
Profit Sharing
$0.00 - $8,081  
Commission
$153.19 - $14,681  
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).
)
$35,841 - $83,852  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 695
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$14$28$42
Hourly Rate
$11.74 - $25.82  
   
Overtime
$1.11 - $35.23  
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$28K$56K$84K
Bonus
$483.95 - $10,768  
   
Commission
$153.19 - $14,681  
Profit Sharing
$0.00 - $8,081  
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).
)
$35,841 - $83,852  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 96

Find Out Exactly What You Should Be Paid

United States (change)

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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

  • Underwrite, submit, approve or pend loans, and present decisions to management.
  • Monitor existing policies for compliance with company guidelines.
  • 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.

Common Career Paths for Insurance Underwriter


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Insurance Underwriters might see a strong upturn in salary after transitioning into upper-level roles such as Senior Underwriter, a seemingly popular career choice. People currently working in the latter position report a noticeably higher median income of $73K 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 Chubb Corporation, The Hanover Insurance Company, The Travelers Companies, Inc., EMC Insurance Companies, and Liberty Mutual Insurance Group are leaders in the field that employ a large number of Insurance Underwriters. The biggest paychecks can be found at Liberty Mutual Insurance Group — the median salary there is $77K. Soaring salaries can also be found at The Chubb Corporation, The Hartford Financial Services Group, Inc., and American International Group, Inc. (AIG), where earnings of $73K, $69K, or $68K are standard for Insurance Underwriters.

Others at the bottom of the scale for this job include Brown & Brown Insurance at $55K, and The Hanover Insurance Company where $57K is the norm, but it is worth noting that some Insurance Underwriters there earn up to $122K.

Popular Skills for Insurance Underwriter


Survey results imply that Insurance Underwriters put a diverse skill set to use. Most notably, skills in Commercial, Financial Analysis, Customer Relationship Management, and Risk Management / Risk Control are correlated to pay that is above average, with boosts between 8 percent and 10 percent. At the other end of the pay range are skills like Customer Service and Data Analysis. Most people experienced in Insurance also know Commercial.

Pay by Experience Level for Insurance Underwriter

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


Experience and pay tend to be weakly linked for Insurance Underwriters — those with more experience do not necessarily bring in higher earnings. The average inexperienced worker's salary is approximately $48K, and people with five to 10 years of experience bring in more at around $55K on average. For Insurance Underwriters, 10 to 20 years of experience on the job amounts to an average salary of $60K. 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 $70K.

Pay Difference by Location

National Average: $52,596

Larger city markers indicate a job is popular in that location.

For Insurance Underwriters, busy Philadelphia offers a higher-than-average pay rate, 44 percent above the national average. Insurance Underwriters can also look forward to large paychecks in cities like Denver (+40 percent), San Francisco (+38 percent), Los Angeles (+34 percent), and New York (+34 percent). Houston ranks last in the field for pay, reporting salaries 13 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

Key Stats for Insurance Underwriter

Gender

Female
60 %
Male
40 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 104 votes.
Less than 1 year
7%
1-4 years
35%
5-9 years
20%
10-19 years
24%
20 years or more
14%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Insurance Underwriter Salaries




National Average
$53,000


Skills That Affect Insurance Underwriter Salaries



Customer Relationship Management (CRM)
up arrow 8%

Risk Management / Risk Control
up arrow 2%

Insurance
0%

National Average
$53,000

Underwriting
up arrow 1%

Data Analysis
up arrow 11%

Customer Service
up arrow 13%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 104 votes.

Gender

Female
60 %
Male
40 %

Years of Experience

Less than 1 year
7%
1-4 years
35%
5-9 years
20%
10-19 years
24%
20 years or more
14%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 73%
vision benefits
Vision: 63%
dental benefits
None: 13%
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