Underwriter Salary

Underwriters in the United States can expect to earn an average of $53K annually. In the world of Underwriters, overall income ranges from $36K near the bottom to $81K at the top; this can include more than $10K from bonuses and more than $8K from profit sharing in exceptional cases. The most important factor affecting compensation for this group is the particular firm, followed by career duration and geographic location. Most workers in this position report high levels of job satisfaction. Women make up a slight majority of Underwriters (51 percent) survey respondents. Nearly all enjoy medical while most get dental coverage. Vision coverage is also available to the larger part. The numbers in this rundown were provided by PayScale's salary survey participants.

$36,888 - $76,841
(Median)
$37K
$53K
$77K
MEDIAN: $52,801
10%
50%
90%

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$13.29 - $29.20
(Median)
$13
$19
$29
MEDIAN: $18.00
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$28K$56K$84K
Salary
$36,888 - $76,841  
   
Bonus
$0.00 - $10,151  
Profit Sharing
$489.45 - $7,976  
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).
)
$36,132 - $81,242  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 2,825
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$17$34$51
Hourly Rate
$13.29 - $29.20  
   
Overtime
$18.84 - $48.33  
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
$0.00 - $10,151  
   
Commission
$0.00 - $20,426  
Profit Sharing
$489.45 - $7,976  
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).
)
$36,132 - $81,242  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 363
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Job Description for Underwriter

Underwriters work for banks and other financial institutions. They assess the risk factor in accepting applicants for different services such as loans, mortgages, equity, insurance and capital. They review an applicant's credit history, age, financial situation and other factors to determine if the applicant would be a risk. If they are deemed a risk, applicants are determined by the underwriter to either be declined services or pay a premium interest rate. Underwriters' primary duty is to protect the financial institution for whom they work from losing money.

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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


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For Underwriters, progressing to a Manager of Underwriting role may result in a significant raise. On average, a Manager of Underwriting can earn $87K annually. Becoming a Senior Underwriter or a Mortgage Loan Underwriter is a common transition from an Underwriter role.

Insurance Underwriter Job Listings

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Popular Employer Salaries for Underwriter


Known for taking on a considerable number of Underwriters, The Travelers Companies, Inc., J.P. Morgan Chase & Co. (JPMCC), The Chubb Corporation, State Farm Insurance Company, and American International Group, Inc. (AIG) are leading firms in the industry. The Chubb Corporation pays the most with a median salary of $74K, though with a large amount of variation, going from a low of $53K to a high of $103K. Soaring salaries can also be found at The Travelers Companies, Inc., Liberty Mutual Insurance Group, and The PNC Financial Services Group, Inc., where earnings of $71K, $66K, or $64K are standard for Underwriters.

Offering a median of only $45K, State Farm Insurance Company pays the least. Moreover, the compensation range seems pretty narrow; employees make $35K on the lower end and $80K on the higher end. Others at the bottom of the scale for this job include Metropolitan Life Insurance Company (MetLife) at $47K, and Wells Fargo Home Mortgage where $49K is the norm, but it is worth noting that some Underwriters there earn up to $77K.

Popular Skills for Underwriter


Underwriters seem to require a rather large skill set. Most notably, skills in Negotiation, Mortgage Loans, Financial Analysis, and Underwriting are correlated to pay that is above average, with boosts between 8 percent and 15 percent. Skills that seem to negatively impact pay include Customer Service. Most people who know Insurance also know Data Analysis.

Pay by Experience Level for Underwriter

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


More years of relevant experience do not necessarily translate to higher paychecks. Workers in their first five years can expect to earn $49K, but people who have been around for five to 10 years earn a noticeably bigger sum of $59K. Underwriters see a median salary of $64K after reaching one to two decades on the job. Underwriters who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $71K.

Pay Difference by Location


For those looking to make money, Underwriters in San Francisco enjoy an exceptional pay rate, 26 percent above the national average. Underwriters can also look forward to large paychecks in cities like Chicago (+23 percent), New York (+21 percent), Boston (+18 percent), and Los Angeles (+13 percent). Phoenix is the lowest-paying area, 2 percent south of the national average.

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Experience Affects Underwriter Salaries




National Average
$53,000


Skills That Affect Underwriter Salaries




Underwriting
up arrow 7%

Commercial
up arrow 7%

Sales
up arrow 4%

Risk Management / Risk Control
up arrow 2%

Loan Underwriting
up arrow 2%

Customer Relationship Management (CRM)
up arrow 2%

Insurance
up arrow 1%

National Average
$53,000

Data Analysis
up arrow 1%

Microsoft Excel
up arrow 1%


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 603 votes.

Gender

Female
51 %
Male
49 %

Years of Experience

Less than 1 year
6%
1-4 years
42%
5-9 years
27%
10-19 years
19%
20 years or more
7%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 83%
vision benefits Vision: 69% employee benefits None: 8%
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