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Senior Underwriter Salary

With close to three-fifths of Senior Underwriters in the United States reporting more than 10 years of experience, the field is heavily weighted toward experienced professionals. Average pay for Senior Underwriters is $73K per year and can range from $52K on the lower end to $106K per year near the higher end. Total cash compensation to Senior Underwriters bottoms out near $52K and approaches $106K on the high end; the biggest paychecks include approximately $15K from bonuses and almost $10K from profit sharing. The particular firm is the biggest factor affecting pay for this group, followed by the particular city and experience level. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. For the most part, Senior Underwriters enjoy their work and report high levels of job satisfaction. Women make up a slight majority of Senior Underwriters (54 percent) survey respondents. The numbers in this rundown were provided by PayScale's salary survey participants.
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$51,756 - $96,980
(Median)
$52K
$73K
$97K
MEDIAN: $73,070
10%
50%
90%

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$16.11 - $38.34
(Median)
$16
$27
$38
MEDIAN: $26.00
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
$51,756 - $96,980  
   
Bonus
$481.77 - $15,059  
Profit Sharing
$996 - $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).
)
$51,982 - $105,702  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 1,530
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
$16.11 - $38.34  
   
Overtime
$24.65 - $60.99  
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
$481.77 - $15,059  
   
Profit Sharing
$996 - $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).
)
$51,982 - $105,702  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 90

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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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For Senior Underwriters, progressing to a VP of Underwriting role may result in a significant raise. On average, a VP of Underwriting can earn $129K annually. The most common career progression for Senior Underwriters leads to becoming a Manager of Underwriting, where average pay is $88K annually. However, many Senior Underwriters also opt to become Mortgage Loan Underwriters. Typically, a Mortgage Loan Underwriter brings home $54K.

Senior Underwriter Job Listings

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Popular Employer Salaries for Senior Underwriter


Known for taking on a considerable number of Senior Underwriters, Liberty Mutual Insurance Group, The Hartford Financial Services Group, Inc., Bank of America Corp. (BOFA), American International Group, Inc. (AIG), and ACE Group are leading firms in the industry. Senior Underwriters seeking a sizable paycheck can earn the most at Zurich, where the average salary comes to $122K. Other leaders in compensation levels are The Chubb Corporation at $110K, The Hanover Insurance Company at $107K, and Zurich North America, where Senior Underwriters annually earn $100K.

Bank of America Corp. (BOFA) offers the least pay with a median salary of $74K; furthermore, salaries there max out at only $88K. Other low-paying employers include The Travelers Companies, Inc. at $76K and The Hartford Financial Services Group, Inc. at $81K, though some Senior Underwriters there earn up to $113K.

Popular Skills for Senior Underwriter


Senior Underwriters report using a pretty varied skill set on the job. Most notably, facility with Sales, Underwriting, and Negotiation are correlated to pay that is significantly above average, leading to increases of 22 percent, 8 percent, and 7 percent, respectively. Skills that pay less than market rate include Data Analysis. Those familiar with Insurance also tend to know 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. Survey participants with less than five years' experience pocket $66K on average, but those with five to 10 years of experience enjoy a much bigger median of $76K. On average, Senior Underwriters make $77K following one to two decades on the job. 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


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 (+29 percent), Boston (+24 percent), Chicago (+13 percent), and Los Angeles (+10 percent). Falling short of the national average by 12 percent, the area with the worst salaries is Phoenix. Below-median salaries also turn up in Tampa and Portland (8 percent lower and 2 percent lower, respectively).

Related Job Salaries

United States (change)

Experience Affects Senior Underwriter Salaries



National Average
$77,000



Skills That Affect Senior Underwriter Salaries

Sales
up arrow 22%

Underwriting
up arrow 8%


Financial Analysis
up arrow 4%

Customer Relationship Management (CRM)
up arrow 4%

Insurance
up arrow 3%

Risk Management / Risk Control
up arrow 1%

Loan Underwriting
0%

Mortgage Loans
0%

National Average
$77,000

Data Analysis
up arrow 6%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 358 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
0%
1-4 years
8%
5-9 years
32%
10-19 years
35%
20 years or more
25%

Common Health Benefits

medical benefits Medical: 92% dental benefits Dental: 86%
vision benefits Vision: 70% employee benefits None: 6%