Insurance Underwriter Salary (United States)

Salaries for Insurance Underwriters in the United States sit in the ballpark of $50,954 annually. The top of the range reaches $83,018 per year, and the bottom approaches $34,013. The range in cash compensation ($34,792 to $79,804) includes potential earnings of $8,316 each from bonuses and profit sharing in exceptional cases. Earnings for this group are mostly affected by residency, followed by the specific employer and tenure. Benefits are common in this line of work, with most reporting medical and dental coverage and more than half collecting vision insurance. Female Insurance Underwriters are more prevalent than men—62 percent of professionals in this field are women. Most Insurance Underwriters report high levels of job satisfaction. The numbers in this rundown were provided by PayScale's salary survey participants.
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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For Insurance Underwriters, career advancement usually has a positive, and rather large, impact on pay. Approaching the top of the pay scale, a Senior Underwriter will earn $20K more than someone not as far along in their career. It is not unusual for an Insurance Underwriter 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

Insurance Underwriters flock to The Travelers Companies, Inc., Liberty Mutual Insurance Group, The Chubb Corporation, The Hanover Insurance Company, and State Farm Insurance Company, highly-regarded companies that employ a generous number of people in this profession. The Travelers Companies, Inc. offers the best pay with a median salary of $77,316, though salaries there max out at $105K.
Find the lowest pay by far at State Farm Insurance Company—the company has a median salary of $40,512, just about half of the top paying company's median. Workers at The Hanover Insurance Company also face smaller salaries than the rest of the field.

Popular Skills for Insurance Underwriter

Typical Insurance Underwriters report a focused set of job 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. Those familiar with Commercial also tend to 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 less experience do not necessarily bring home smaller paychecks. In fact, experience in this field tends to have little impact on salary. Salaries start at $45K, which grows to $55K after five to 10 years. Compensation is $58K after 10 to 20 years. Though salary increases are not as strong, pay continues to grow slightly for Insurance Underwriters after two decades on the job, and average earnings come to $65K. Experienced employees who have 10-20 years of experience make up 18 percent of the workforce; inexperienced individuals who have been working for less than one year comprise less than 10, and senior people with more than 20 years under their belt fill out the remaining 15 percent. Between one and nine years is the typical spectrum of experience for those in this line of work—of those who took the survey, more than half land within this radius.

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.
For Insurance Underwriters, Boston provides a pay rate that is 57 percent greater than 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). Those in the field find the lowest salaries in Richmond, 19 percent below the national average.

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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