Senior Underwriter Salary

Slightly less than two-thirds of Senior Underwriters in the United States have been in the field for more than 10 years. Pay can fall anywhere from $53K to $107K per year, but median earnings come to around $74K per year. Final cash compensation to Senior Underwriters varies from around $53K to approximately $107K; choice pay grades include potential for bonuses and profit sharing as high as $15K and $10K, respectively. The most important factor affecting compensation for this group is the company, followed by the particular city and tenure. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 55 percent. Most workers in this position report high levels of job satisfaction. The data in this summary comes from the PayScale salary survey.
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$52,723 - $98,056

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$15.99 - $38.94

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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
$52,723 - $98,056  
   
Bonus
$491.59 - $15,113  
Profit Sharing
$994 - $9,851  
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).
)
$52,617 - $107,069  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 1,564
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
$15.99 - $38.94  
   
Overtime
$25.27 - $61.11  
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
$491.59 - $15,113  
   
Profit Sharing
$994 - $9,851  
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).
)
$52,617 - $107,069  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 94
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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 $87K. Another frequent advance is for Senior Underwriters to assume a Mortgage Loan Underwriter role; in this role, workers often earn $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., Bank of America Corp. (BOFA), Liberty Mutual Insurance Group, American International Group, Inc. (AIG), and ACE Group. Zurich offers the highest compensation with a median salary of $122K. Senior Underwriters will also find cushy salaries at The Hanover Insurance Company (+$109K), The Chubb Corporation (+$108K), and Zurich North America (+$100K).

With a median salary of only $64K (just about half of the top paying company's median), Nationwide Mutual Insurance Company lags significantly in the earnings department. Other low-paying employers include Bank of America Corp. (BOFA) at $74K and The Travelers Companies, Inc. at $77K, though some Senior Underwriters there earn up to $113K.

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, 8 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.


For Senior Underwriters, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Relatively untried employees who have less than five years' experience make $68K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $77K. Senior Underwriters who work for 10 to 20 years in their occupation tend to earn about $77K. After two decades in the workforce, the average Senior Underwriter generally earns more than ever; median pay for this group is estimated at $81K.

Pay Difference by Location


For those looking to make money, Senior Underwriters in San Francisco enjoy an exceptional pay rate, 29 percent above the national average. Senior Underwriters will also find cushy salaries in New York (+27 percent), Boston (+24 percent), Chicago (+15 percent), and Los Angeles (+14 percent). Falling short of the national average by 11 percent, the area with the worst salaries is Phoenix. Not at the bottom but still paying below the median are employers in Tampa and Columbus (8 percent lower and 4 percent lower, 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
0%

Mortgage Loans
0%

National Average
$77,000

Loan Underwriting
up arrow 1%

Data Analysis
up arrow 1%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 335 votes.

Gender

Female
55 %
Male
45 %

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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