Underwriter Salary

Average Underwriters in the United States make around $53K per year. Total incomes of Underwriters incorporate potential for, in a few cases, more than $10K from bonuses and close to $8K from profit sharing; these performance components cause packages to range between $37K and $82K. The specific employer is the biggest factor affecting pay for this group, followed by experience level and geography. For the most part, Underwriters enjoy their work and report high levels of job satisfaction. A large number report receiving medical coverage from their employers and most collect dental insurance. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 51 percent.

$37,905 - $77,898
(Median)
$38K
$53K
$78K
MEDIAN: $53,432
10%
50%
90%

Add this chart to your site: 640px    300px

$13.29 - $29.36
(Median)
$13
$19
$29
MEDIAN: $18.00
10%
50%
90%

Add this chart to your site: 640px    300px

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$28K$56K$84K
Salary
$37,905 - $77,898  
   
Bonus
$0.00 - $10,259  
Profit Sharing
$250.42 - $7,826  
Commission
$0.00 - $20,426  
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).
)
$36,573 - $82,478  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 2,986
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$17$34$51
Hourly Rate
$13.29 - $29.36  
   
Hourly Tips
$2.00  
Overtime
$19.64 - $49.57  
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
$0.00 - $10,259  
   
Commission
$0.00 - $20,426  
Profit Sharing
$250.42 - $7,826  
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).
)
$36,573 - $82,478  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 393
United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

Job Description for Underwriter

Underwriters work primarily in banks which handle loans and mortgages and are responsible for analyzing the risks of a loan based on the data in the application. They also oversee other information in the loan application to ensure it is accurate.

Read More...

Underwriter Tasks

  • Manage underwriting territory and select new business based on analysis of their profitability.
  • Analyze new and renewal business, data, claim history, loss experience, and outcome of liability decisions.
  • Underwrite, submit, approve or pend loans, and present decisions to management.
  • Monitor existing policies for compliance with company guidelines.

Common Career Paths for Underwriter


Add this chart to your site:   640px 640px    300px 300px


At the upper end, Underwriters who move into a Manager of Underwriting role can end up with a hefty increase in pay. The average income for Managers of Underwriting is a much higher $88K per year. It is not uncommon for an Underwriter to continue on to become a Senior Underwriter or a Mortgage Loan Underwriter.

Insurance Underwriter Job Listings

Search for more jobs:

Popular Employer Salaries for Underwriter


Underwriters flock to The Travelers Companies, Inc., The Chubb Corporation, State Farm Insurance Company, Bank of America Corp. (BOFA), and J.P. Morgan Chase & Co. (JPMCC), highly regarded companies that employ a generous number of people in this profession. The Travelers Companies, Inc. offers the largest salaries in town ($71K on average), but the considerable range in workers' salaries creates a rather varied pay scale that stretches from $54K to $99K. Underwriters can also look forward to large paychecks at The Chubb Corporation ($70K), Liberty Mutual Insurance Group ($67K), and ACE Group ($63K).

State Farm Insurance Company offers the smallest salaries in town — $44K on average — but the considerable range in workers' salaries (stretching from $35K to $80K) creates a rather varied pay scale. Also sliding in at the lower end of the scale are Metropolitan Life Insurance Company (MetLife) ($47K), Cigna Corporation ($50K), and Markel Corporation ($54K).

Popular Skills for Underwriter


Survey results imply that Underwriters deploy a substantial tool kit of skills at work. Most notably, skills in Negotiation, Mortgage Loans, Financial Analysis, and Commercial are correlated to pay that is above average, with boosts between 7 percent and 13 percent. Skills that seem to negatively impact pay include Customer Service and Microsoft Excel. For most people, competency in Insurance indicates knowledge of Data Analysis.

Pay by Experience Level for Underwriter

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


Underwriters with a lot of experience do not necessarily enjoy more money. Workers in their first five years can expect to earn $50K, but people who have been around for five to 10 years earn a noticeably bigger sum of $59K. Underwriters who work for 10 to 20 years in their occupation tend to earn about $64K. 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 $71K.

Pay Difference by Location

National Average: $53,875

Larger city markers indicate a job is popular in that location.

San Francisco offers some of the highest pay in the country for Underwriters, 26 percent above the national average. Underwriters will also find cushy salaries in Chicago (+22 percent), New York (+20 percent), Boston (+19 percent), and Philadelphia (+17 percent).

Related Job Salaries

United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

Experience Affects Underwriter Salaries




National Average
$54,000


Skills That Affect Underwriter Salaries




Underwriting
up arrow 6%

Commercial
up arrow 6%

Sales
up arrow 4%

Insurance
up arrow 1%

Risk Management / Risk Control
up arrow 1%

Customer Relationship Management (CRM)
up arrow 1%

Loan Underwriting
0%

National Average
$54,000

Data Analysis
up arrow 2%

Microsoft Excel
up arrow 4%


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 581 votes.

Gender

Female
51 %
Male
49 %

Years of Experience

Less than 1 year
7%
1-4 years
42%
5-9 years
25%
10-19 years
19%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 89%
dental benefits
Dental: 83%
medical benefits
Vision: 70%
dental benefits
None: 8%
ADVERTISEMENT