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Senior Underwriter Salary

Nearly three-fifths of Senior Underwriters in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $51K to $104K per year, and the average comes out to $72K annually. Overall cash earnings for Senior Underwriters stretch from $51K on the lower end to $104K near the top, and the heftiest packages can encompass around $15K from bonuses and $10K from profit sharing. Geography is the biggest factor affecting pay for this group, followed by the specific employer and tenure. Women make up a slight majority of Senior Underwriters (54 percent) survey respondents. The majority of Senior Underwriters claim high levels of job satisfaction. Nearly all report receiving medical coverage from their employers and most collect dental insurance. The data for this synopsis comes from respondents who took the PayScale salary survey.
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$50,944 - $96,030
(Median)
$51K
$72K
$96K
MEDIAN: $72,276
10%
50%
90%

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$16.23 - $37.67
(Median)
$16
$27
$38
MEDIAN: $26.00
10%
50%
90%

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Show Annual Salary Show Hourly Rate
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$50K$100K$150K
Salary
$50,944 - $96,030  
   
Bonus
$496.65 - $14,927  
Profit Sharing
$977 - $9,919  
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).
)
$51,271 - $104,234  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 1,490
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$25$50$75
Hourly Rate
$16.23 - $37.67  
   
Overtime
$24.11 - $59.72  
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$50K$100K$150K
Bonus
$496.65 - $14,927  
   
Profit Sharing
$977 - $9,919  
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).
)
$51,271 - $104,234  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 85
United States (change)

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 an upper level VP of Underwriting role may receive a large increase in pay as the position pays an average $129K per year. With an annual salary of $87K, Manager of Underwriting is the most common role for Senior Underwriters to subsequently assume on their way up the ladder. Transitioning into a Mortgage Loan Underwriter role — which usually pays $54K — is also typical for Senior Underwriters, though less common by comparison.

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., Bank of America Corp. (BOFA), Liberty Mutual Insurance Group, American International Group, Inc. (AIG), and ACE Group. Senior Underwriters in search of the best pay head to The Chubb Corporation, where the median salary rolls in at $108K. Although pay is top-notch overall, it does seem to be curbed at $141K, which isn't dramatically higher than the lower-end figure of $82K. Those in search of high salaries should also consider The Hanover Insurance Company, Zurich North America, and American International Group, Inc. (AIG), top-paying firms where Senior Underwriters rake in a whopping $106K, $99K, or $93K, respectively.

Bank of America Corp. (BOFA) offers the lowest pay in the field with a median salary of just $74K. There's also little variation in pay at the company, with pay ranging from $60K to $86K. Others at the bottom of the scale for this job include The Hartford Financial Services Group, Inc. at $77K, and The Travelers Companies, Inc. where $78K is the norm, but it is worth noting that some Senior Underwriters there earn up to $110K.

Popular Skills for Senior Underwriter


Overall, survey participants reported applying a fair number of skills to their work. Most notably, facility with Sales, Negotiation, and Customer Relationship Management (CRM) are correlated to pay that is significantly above average, leading to increases of 24 percent, 8 percent, and 7 percent, respectively. At the other end of the pay range are skills like Data Analysis. The majority of those who know Insurance also know Financial Analysis.

Pay by Experience Level for Senior Underwriter

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


Senior Underwriters with a lot of experience do not necessarily enjoy more money. The average beginner in this position makes around $65K, but folks who have been around for five to 10 years see a markedly higher median salary of $75K. The average pay reported by folks with 10 to 20 years of experience is around $75K. 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 $80K.

Pay Difference by Location


For Senior Underwriters, working in the bustling city of San Francisco has its advantages, including an above-average pay rate. Senior Underwriters can also look forward to large paychecks in cities like New York (+30 percent), Boston (+23 percent), Chicago (+16 percent), and Los Angeles (+13 percent). Falling short of the national average by 17 percent, the area with the worst salaries is Phoenix. Two other places where employers offer below-median salaries are Jacksonville (8 percent less) and Tampa (4 percent less).

Related Job Salaries

Experience Affects Senior Underwriter Salaries




National Average
$75,000


Skills That Affect Senior Underwriter Salaries

Sales
up arrow 24%



Underwriting
up arrow 7%



Risk Management / Risk Control
up arrow 2%

Loan Underwriting
0%

Mortgage Loans
0%

National Average
$75,000

Data Analysis
up arrow 4%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 365 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
0%
1-4 years
8%
5-9 years
33%
10-19 years
34%
20 years or more
25%

Common Health Benefits

medical benefits Medical: 92% dental benefits Dental: 86%
vision benefits Vision: 68% employee benefits None: 6%