Insurance Underwriters in the United States can expect wages of $53K per year on average. Total cash compensation to Insurance Underwriters approaches anywhere from $36K on the lower end to $84K on the higher end; in exceptional cases, this can include more than $12K from bonuses and upwards of $8K from profit sharing. The most important factor affecting compensation for this group is residence, followed by the company and experience level. More than half of Insurance Underwriters (60 percent) survey participants are women. Job satisfaction is reported as high by the vast majority of workers. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the greater part. The information for this snapshot was generated by responses to the PayScale salary survey.
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$38,532 - $82,095
$39K
$53K
$82K
MEDIAN: $52,984
10%
50%
90%

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$12.17 - $26.82
$12
$18
$27
MEDIAN: $18.28
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$29K$58K$87K
Salary
$38,532 - $82,095  
   
Bonus
$414.59 - $12,009  
Profit Sharing
$0.00 - $8,027  
Commission
$154.56 - $15,050  
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).
)
$36,051 - $84,358  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 729
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
$12.17 - $26.82  
   
Overtime
$1.16 - $34.88  
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
$414.59 - $12,009  
   
Commission
$154.56 - $15,050  
Profit Sharing
$0.00 - $8,027  
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).
)
$36,051 - $84,358  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 105

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

  • 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 $73K per year. Becoming a Commercial Property Insurance Underwriter or a Casualty Insurance Underwriter is a common transition from an Insurance Underwriter role.

Insurance Underwriter Job Listings

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Popular Employer Salaries for Insurance Underwriter


The Travelers Companies, Inc., The Chubb Corporation, The Hanover Insurance Company, Liberty Mutual Insurance Group, and EMC Insurance Companies are leaders in the field that employ a large number of Insurance Underwriters. Liberty Mutual Insurance Group leads the field in terms of pay, with a median salary of $76K. Soaring salaries can also be found at The Chubb Corporation, The Travelers Companies, Inc., and The Hartford Financial Services Group, Inc., where earnings of $73K, $69K, or $69K are standard for Insurance Underwriters.

Other low-paying employers include Brown & Brown Insurance at $55K and The Hanover Insurance Company at $57K, though some Insurance Underwriters there earn up to $122K.

Popular Skills for Insurance Underwriter


Survey results show that Insurance Underwriters use a fair number of skills. Most notably, skills in Financial Analysis, Commercial, Customer Relationship Management, and Risk Management / Risk Control are correlated to pay that is above average, with boosts between 7 percent and 10 percent. Skills that pay less than market rate include Data Analysis, Customer Service, and Underwriting. Those educated in Insurance tend to be well versed in 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. The median compensation for relatively untried workers is $48K; in the five-to-10 year group, it's higher at around $54K. Insurance Underwriters with one to two decades of relevant experience report an average salary of approximately $60K. Ultimately, more time spent in the workforce does seem to translate to bigger paychecks; seasoned veterans with more than 20 years of experience report a median income of $71K.

Pay Difference by Location

National Average: $52,781

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

For Insurance Underwriters, busy Philadelphia offers a higher-than-average pay rate, 60 percent above the national average. Insurance Underwriters will also find cushy salaries in San Francisco (+50 percent), Denver (+41 percent), New York (+35 percent), and Los Angeles (+33 percent). In Houston, salaries are 14 percent below the national average and represent the lowest-paying market.

Insurance Underwriter Reviews

Q: 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 122 votes.
035
Less than 1 year
7%
1-4 years
36%
5-9 years
19%
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 7%


Insurance
0%

National Average
$53,000

Customer Service
up arrow 7%

Underwriting
up arrow 7%

Data Analysis
up arrow 11%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 122 votes.

Gender

Female
60 %
Male
40 %

Years of Experience

Less than 1 year
7%
1-4 years
36%
5-9 years
19%
10-19 years
24%
20 years or more
14%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 71%
vision benefits
Vision: 62%
dental benefits
None: 14%
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