Senior Underwriter Salary

Just under two-thirds of Senior Underwriters in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $53K to $107K per year, and the average comes out to $74K per year. In the world of Senior Underwriters, overall income ranges from $53K near the bottom to $107K at the top; this can include more than $15K from bonuses and more than $10K from profit sharing in exceptional cases. The particular firm is the main element affecting pay for this group — the particular city and tenure are driving factors as well. Women make up a slight majority of Senior Underwriters (54 percent) survey respondents. Most workers in this position report high levels of job satisfaction. Almost all enjoy medical while a large number get dental coverage. Vision coverage is also available to the greater part. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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$52,615 - $98,063
(Median)
$53K
$74K
$98K
MEDIAN: $73,778
10%
50%
90%

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$16.13 - $38.48
(Median)
$16
$27
$38
MEDIAN: $27.00
10%
50%
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$50K$100K$150K
Salary
$52,615 - $98,063  
   
Bonus
$493.67 - $15,136  
Profit Sharing
$997 - $10,090  
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).
)
$52,605 - $107,342  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 1,563
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
$16.13 - $38.48  
   
Overtime
$25.27 - $61.47  
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
$493.67 - $15,136  
   
Profit Sharing
$997 - $10,090  
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).
)
$52,605 - $107,342  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 91
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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 may experience a large salary bump if they progress into a role such as VP of Underwriting. The latter position pays an average of $128K annually. The most common promotion for Senior Underwriters is Manager of Underwriting, a position that typically pays $87K annually. Another standard transition for Senior Underwriters seeking advancement is to assume a Mortgage Loan Underwriter role, where pay is often $54K.

Senior Underwriter Job Listings

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Popular Employer Salaries for Senior Underwriter


Well-known firms with a reputation for hiring numerous Senior Underwriters include The Hartford Financial Services Group, Inc., Liberty Mutual Insurance Group, Bank of America Corp. (BOFA), American International Group, Inc. (AIG), and ACE Group. Zurich attracts talent by shelling out the biggest paychecks in the area — the median in that office is $122K. Soaring salaries can also be found at The Chubb Corporation, The Hanover Insurance Company, and Zurich North America, where earnings of $109K, $109K, or $100K are standard for Senior Underwriters.

Nationwide Mutual Insurance Company pays significantly less than other places with a median salary of $64K, just about half of the top paying company's median. Other low-paying employers include Bank of America Corp. (BOFA) at $73K and The Travelers Companies, Inc. at $78K, though some Senior Underwriters there earn up to $114K.

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, Negotiation, and Customer Relationship Management (CRM) are correlated to pay that is significantly above average, leading to increases of 21 percent, 9 percent, and 7 percent, respectively. For most people, competency in Insurance indicates knowledge of 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. Survey participants with less than five years' experience pocket $68K on average, but those with five to 10 years of experience enjoy a much bigger median of $77K. The average pay reported by folks with 10 to 20 years of experience is around $77K. Veterans who have worked for more than two decades do tend to make the most in the end; the median pay for this group is $81K.

Pay Difference by Location


Senior Underwriters will find that San Francisco offers an impressive pay rate, one which exceeds the national average by 29 percent. Senior Underwriters will also find cushy salaries in New York (+27 percent), Boston (+24 percent), Los Angeles (+14 percent), and Chicago (+14 percent). With compensation 10 percent below the national average, Phoenix is not known for hefty paychecks and actually represents the lowest-paying market. Workers in Tampa and Portland earn salaries that trail the national average for those in this profession (7 percent less and 4 percent less, respectively).

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.

Related Job Salaries

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Experience Affects Senior Underwriter Salaries



National Average
$77,000



Skills That Affect Senior Underwriter Salaries

Sales
up arrow 21%



Underwriting
up arrow 7%

Insurance
up arrow 4%

Financial Analysis
up arrow 4%

Risk Management / Risk Control
up arrow 1%

Loan Underwriting
0%

Mortgage Loans
0%

National Average
$77,000

Data Analysis
up arrow 1%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 337 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
0%
1-4 years
8%
5-9 years
30%
10-19 years
36%
20 years or more
26%

Common Health Benefits

medical benefits Medical: 91% dental benefits Dental: 86%
vision benefits Vision: 70% employee benefits None: 6%
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