Senior Underwriter Salary

Senior Underwriters in the United States tend to have a good amount of experience under their belt — just under two-thirds have more than 10 years in the field. While pay runs from $52K to $107K per year, median earnings come to $74K annually. Total cash compensation to Senior Underwriters bottoms out near $52K and approaches $107K on the high end; the biggest paychecks include approximately $15K from bonuses and almost $10K from profit sharing. The company is the main element affecting pay for this group — geography and years of experience are driving factors as well. Most Senior Underwriters like their work and job satisfaction is high. Women Senior Underwriters who took the survey just slightly outnumber men. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Respondents to the PayScale salary survey provided the data for this report.
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$52,359 - $97,910
(Median)
$52K
$74K
$98K
MEDIAN: $73,684
10%
50%
90%

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$16.09 - $38.65
(Median)
$16
$27
$39
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
$52,359 - $97,910  
   
Bonus
$494.93 - $15,170  
Profit Sharing
$1,006 - $10,101  
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).
)
$52,465 - $107,303  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 1,559
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
$16.09 - $38.65  
   
Overtime
$25.12 - $61.57  
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
$494.93 - $15,170  
   
Profit Sharing
$1,006 - $10,101  
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).
)
$52,465 - $107,303  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 89
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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' salaries may rise greatly for those who assume a higher-end position such as a VP of Underwriting. The average VP of Underwriting brings home $129K per year. Going from Senior Underwriter to Manager of Underwriting is the transition that occurs most often in this field, where the paychecks are $87K. Many others choose to work as Mortgage Loan Underwriters, where pay is typically $54K.

Senior Underwriter Job Listings

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Popular Employer Salaries for Senior Underwriter


The Hartford Financial Services Group, Inc., Liberty Mutual Insurance Group, Bank of America Corp. (BOFA), American International Group, Inc. (AIG), and ACE Group are all popular places to work. Senior Underwriters flock to Zurich for generous paychecks, where average earnings of $122K lead the pack in compensation. Other big spenders include The Chubb Corporation, The Hanover Insurance Company, and Zurich North America, top-paying firms where Senior Underwriters see paychecks nearing $109K, $109K, or $100K.

The lowest pay by far can be found at Nationwide Mutual Insurance Company — this employer offers a median salary of $64K, about half the top paying employer's rate. Others at the bottom of the scale for this job include Bank of America Corp. (BOFA) at $73K, and The Travelers Companies, Inc. where $78K is the norm, but it is worth noting that some Senior Underwriters there earn up to $114K.

Popular Skills for Senior Underwriter


Survey results imply that Senior Underwriters put a diverse skill set to use. Most notably, facility with Sales, Negotiation, and Underwriting are correlated to pay that is significantly above average, leading to increases of 21 percent, 9 percent, and 7 percent, respectively. Those educated in Insurance tend to be well versed in Financial Analysis.

Pay by Experience Level for Senior Underwriter

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


Senior Underwriters do not generally earn higher incomes from more experience in the field. Salaries for the relatively untried average out to around $68K, but survey participants with five to 10 years of experience earn a significantly higher median of $77K. Senior Underwriters bring in $77K after working for 10 to 20 years. Veterans who have acquired more than 20 years report a median income of $80K, which is generally higher than the pay reported by other tenure groups.

Pay Difference by Location


Surpassing the national average by 29 percent, Senior Underwriters in San Francisco receive some of the highest pay in the country. Senior Underwriters can also look forward to large paychecks in cities like New York (+27 percent), Boston (+24 percent), Los Angeles (+14 percent), and Chicago (+13 percent). The smallest paychecks in the market, 10 percent south of the national average, can be found in Phoenix. Below-median salaries also turn up in Tampa and Portland (8 percent lower and 3 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%

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 340 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
0%
1-4 years
8%
5-9 years
31%
10-19 years
36%
20 years or more
26%

Common Health Benefits

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