Senior Underwriter Salary

Senior Underwriters who are practiced in their profession and carry more than 10 years of experience make up slightly less than two-thirds of Senior Underwriters. Pay fluctuates from $54K to $109K per year, but expected earnings average $75K annually. Total cash compensation for Senior Underwriters runs from $54K to $109K depending on bonuses that can occasionally exceed $15K and profit sharing that can reach almost $10K. Earnings for this group are mostly affected by the specific employer, followed by geography and experience level. Women make up a slight majority of Senior Underwriters (55 percent) survey respondents. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Job satisfaction is reported as high by the vast majority of workers. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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$53,374 - $99,148
(Median)
$53K
$75K
$99K
MEDIAN: $74,645
10%
50%
90%

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$16.84 - $41.39
(Median)
$17
$30
$41
MEDIAN: $29.00
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$50K$100K$150K
Salary
$53,374 - $99,148  
   
Bonus
$510 - $15,409  
Profit Sharing
$875 - $10,303  
Commission
$7,800  
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).
)
$53,883 - $109,315  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 1,725
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$25$50$75
Hourly Rate
$16.84 - $41.39  
   
Hourly Tips
$0.43  
Overtime
$27.34 - $62.28  
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$50K$100K$150K
Bonus
$510 - $15,409  
   
Commission
$7,800  
Profit Sharing
$875 - $10,303  
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).
)
$53,883 - $109,315  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 95
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Job Description for Senior Underwriter

  • Structure products to meet clients' needs.
  • Evaluate collateral and ensure portfolio credit quality.
  • Assess eligibility of clients' applications to receive capital, insurance, mortgage, or credit.

Common Career Paths for Senior Underwriter


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Senior Underwriters who transition into a VP of Underwriting role may receive large pay increases as the latter position pays an average $129K per year. Becoming a Manager of Underwriting is, more often than not, the most common role that Senior Underwriters move into when they're ready for the next step in their career. The average salary for the position is $88K. Another frequent advance is for Senior Underwriters to assume a Mortgage Loan Underwriter role; in this role, workers often earn $55K.

Senior Underwriter Job Listings

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Popular Employer Salaries for Senior Underwriter


Senior Underwriters fill the offices of leading firms The Hartford Financial Services Group, Inc., ACE Group, Bank of America Corp. (BOFA), Liberty Mutual Insurance Group, and American International Group, Inc. (AIG). Those at The Hanover Insurance Company can expect to make the most, with the company offering a median salary of $107K. Senior Underwriters will also find cushy salaries at Zurich North America (+$100K), The Chubb Corporation (+$97K), and American International Group, Inc. (AIG) (+$91K).

Known for its small paychecks, Nationwide Mutual Insurance Company actually ranks last in the field for salary, reporting a median income of $64K — 67 percent less than the top paying company. Others at the bottom of the scale for this job include Bank of America Corp. (BOFA) at $74K, and J.P. Morgan Chase & Co. (JPMCC) where $77K is the norm, but it is worth noting that some Senior Underwriters there earn up to $135K.

Popular Skills for Senior Underwriter


Survey results suggest that Senior Underwriters put a wide range of professional skills to use. Most notably, facility with Sales, Underwriting, and Negotiation are correlated to pay that is significantly above average, leading to increases of 22 percent, 12 percent, and 7 percent, respectively. Those proficient in Insurance are, more often than not, also skilled in Financial Analysis.

Pay by Experience Level for Senior Underwriter

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


For many Senior Underwriters, extensive experience does not lead to significantly more money. Relatively untried employees who have less than five years' experience make $70K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $78K. Senior Underwriters who work for 10 to 20 years in their occupation tend to earn about $78K. After two decades in the workforce, the average Senior Underwriter generally earns more than ever; median pay for this group is estimated at $80K.

Pay Difference by Location

National Average: $78,053

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

For Senior Underwriters, working in the bustling city of New York has its advantages, including an above-average pay rate. Senior Underwriters can also look forward to large paychecks in cities like San Francisco (+27 percent), Boston (+24 percent), Los Angeles (+16 percent), and Chicago (+11 percent). In Tampa, salaries are 10 percent below the national average and represent the lowest-paying market.

Senior Underwriter Reviews

What is it like working as a Senior Underwriter at The Travelers Companies, Inc.?

Senior Underwriter in New York:
"I am able to provide a valuable service to my customers,"
Pros: Providing high level service to the customer.
Cons: The time it takes to provide that service, even with the new technology.

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Experience Affects Senior Underwriter Salaries




National Average
$78,000


Skills That Affect Senior Underwriter Salaries

Sales
up arrow 22%

Underwriting
up arrow 12%


Insurance
up arrow 3%

Financial Analysis
up arrow 3%

Customer Relationship Management (CRM)
up arrow 3%

Data Analysis
up arrow 3%

Risk Management / Risk Control
0%

National Average
$78,000

Loan Underwriting
up arrow 1%

Mortgage Loans
up arrow 1%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 347 votes.

Gender

Female
55 %
Male
45 %

Years of Experience

Less than 1 year
0%
1-4 years
7%
5-9 years
29%
10-19 years
37%
20 years or more
26%

Common Health Benefits

medical benefits
Medical: 92%
dental benefits
Dental: 86%
medical benefits
Vision: 71%
dental benefits
None: 6%
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