Underwriter Salary

An average Underwriter in the United States can expect to take home roughly $53K annually. Cash earnings of Underwriters — including $10K in bonuses, $8K in profit sharing proceeds, and $21K in commissions near the top of the pay scale — stretch from approximately $36K to approximately $81K depending on individual performance. The particular firm is the main element affecting pay for this group — years of experience and location are driving factors as well. Women make up a slight majority of Underwriters (50 percent) survey respondents. The majority of Underwriters claim high levels of job satisfaction. Medical benefits are awarded to most, and a large number earn dental coverage. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$37,014 - $76,770

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$13.15 - $28.96

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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$28K$56K$84K
Salary
$37,014 - $76,770  
   
Bonus
$0.00 - $10,105  
Profit Sharing
$489.44 - $7,962  
Commission
$0.00 - $20,608  
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).
)
$36,195 - $81,079  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 2,825
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
$13.15 - $28.96  
   
Overtime
$18.73 - $48.44  
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 - $10,105  
   
Commission
$0.00 - $20,608  
Profit Sharing
$489.44 - $7,962  
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).
)
$36,195 - $81,079  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 364
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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.

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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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Underwriters' salaries may rise greatly for those who assume a higher-end position such as a Manager of Underwriting. The average Manager of Underwriting brings home $87K per year. It is not unusual for an Underwriter to become a Senior Underwriter or a Mortgage Loan Underwriter.

Insurance Underwriter Job Listings

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Popular Employer Salaries for Underwriter


Many Underwriters can be found at J.P. Morgan Chase & Co. (JPMCC), The Travelers Companies, Inc., The Chubb Corporation, State Farm Insurance Company, and American International Group, Inc. (AIG), firms that are at the top of the field. Employees of The Chubb Corporation can expect to make the most, with the company offering a median salary of $74K; however, pay is widely dispersed from bottom to top, ranging from $53K to $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 $70K, $67K, or $64K are standard for Underwriters.

With a median salary of only $45K, State Farm Insurance Company pays the least. It seems that the compensation range of $35K to $80K isn't that wide, either. Others at the bottom of the scale for this job include Metropolitan Life Insurance Company (MetLife) at $47K, and Wells Fargo Home Mortgage where $48K is the norm, but it is worth noting that some Underwriters there earn up to $76K.

Popular Skills for Underwriter


Underwriters seem to wield many skills on the job. 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. Those proficient in Insurance are, more often than not, also skilled in Data Analysis.

Pay by Experience Level for Underwriter

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


Experience and pay tend to be weakly linked for Underwriters — those with more experience do not necessarily bring in higher earnings. Relatively untried employees who have less than five years' experience make $49K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $59K. Underwriters see a median salary of $63K after reaching one to two decades on the job. Old hands boasting more than twenty years of relevant experience report pay that is more or less commensurate with that extensive experience; average earnings for this group come out to approximately $71K.

Pay Difference by Location


Home to some of the best pay for Underwriters, San Francisco offers exceptional salaries, 26 percent above the national average. Underwriters can also look forward to large paychecks in cities like Chicago (+23 percent), New York (+22 percent), Boston (+17 percent), and Los Angeles (+13 percent). In Phoenix, salaries are 1 percent below the national average and represent the lowest-paying market.

Related Job Salaries

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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 598 votes.

Gender

Female
50 %
Male
50 %

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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