The average Underwriter in the United States earns approximately $55K per year. Overall incomes of Underwriters — including $15K bonuses, $6K profit sharing proceeds, and $15K commissions on the more lucrative end — generally ranges between $38K and $88K. Compensation for this group is mainly affected by geography, but the company and tenure are influential factors as well. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 54 percent. A large number report receiving medical coverage from their employers and most collect dental insurance. Work is enjoyable for Underwriters, who typically claim high levels of job satisfaction. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.

$39,272 - $82,317
$39K
$55K
$82K
MEDIAN: $55,380
10%
50%
90%

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$13.32 - $28.11
$13
$19
$28
MEDIAN: $18.00
10%
50%
90%

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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$30K$60K$90K
Salary
$39,272 - $82,317  
   
Bonus
$790 - $14,745  
Profit Sharing
$96.35 - $6,155  
Commission
$9.93 - $15,101  
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).
)
$37,576 - $87,504  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 1,923
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$18$36$54
Hourly Rate
$13.32 - $28.11  
   
Hourly Tips
$2.00  
Overtime
$20.61 - $51.57  
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
$790 - $14,745  
   
Commission
$9.93 - $15,101  
Profit Sharing
$96.35 - $6,155  
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).
)
$37,576 - $87,504  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 303

Find Out Exactly What You Should Be Paid

United States (change)

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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

  • Underwrite, submit, approve or pend loans, and present decisions to management.
  • Monitor existing policies for compliance with company guidelines.
  • 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.

Common Career Paths for Underwriter


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Underwriters may progress into high-paying roles like Manager of Underwriting, where median compensation is $88K annually. 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


Dominating the field, The Travelers Companies, Inc., The Chubb Corporation, State Farm Insurance Company, J.P. Morgan Chase & Co. (JPMCC), and Aetna, Inc. are top firms with a reputation for hiring a great number of Underwriters. Employees of Liberty Mutual Insurance Group can expect to make the most, with the company offering a median salary of $73K; however, pay is widely dispersed from bottom to top, ranging from $57K to $119K. Underwriters can also look forward to large paychecks at The Chubb Corporation ($72K), The Travelers Companies, Inc. ($71K), and Markel Corporation ($67K).

With a median salary of only $44K, State Farm Insurance Company pays the least. It seems that the compensation range of $37K to $73K isn't that wide, either. Metropolitan Life Insurance Company (MetLife), Aetna, Inc., and Wells Fargo Bank are a few other employers known for handing out relatively lightweight salaries ($47K, $52K, and $55K respectively).

Popular Skills for Underwriter


Survey takers working as Underwriters report using a large range of professional skills. Most notably, facility with Commercial Loans, Underwriting, and Mortgage Loans are correlated to pay that is significantly above average, leading to increases of 32 percent, 15 percent, and 12 percent, respectively. At the other end of the pay range are skills like Customer Service, Data Analysis, and Microsoft Excel. Those familiar with Insurance also tend to 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. The average worker who claims fewer than five years of experience earns around $51K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $63K. Underwriters see a median salary of $66K after reaching one to two decades on the job. More than 20 years of experience mean a somewhat bigger median paycheck of $68K, but it's not much more than what less experienced people make.

Pay Difference by Location

National Average: $55,125

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

For those looking to make money, Underwriters in San Francisco enjoy an exceptional pay rate, 38 percent above the national average. Underwriters will also find cushy salaries in New York (+30 percent), Los Angeles (+26 percent), Chicago (+23 percent), and Boston (+20 percent). Falling short of the national average by 19 percent, the area with the worst salaries is Omaha. Below-median salaries also turn up in Columbus and Dallas (13 percent lower and 3 percent lower, respectively).

Related Job Salaries

Key Stats for Underwriter

Gender

Female
54 %
Male
46 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 311 votes.
Less than 1 year
8%
1-4 years
45%
5-9 years
20%
10-19 years
18%
20 years or more
8%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Underwriter Salaries




National Average
$55,000


Skills That Affect Underwriter Salaries

Commercial Loans
up arrow 32%

Underwriting
up arrow 15%



Commercial
up arrow 8%


up arrow 7%

Business Analysis
up arrow 5%


Risk Management / Risk Control
0%

Loan Underwriting
0%

National Average
$55,000

Customer Relationship Management (CRM)
up arrow 1%




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 311 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
8%
1-4 years
45%
5-9 years
20%
10-19 years
18%
20 years or more
8%

Common Health Benefits

medical benefits
Medical: 88%
dental benefits
Dental: 81%
vision benefits
Vision: 72%
dental benefits
None: 10%
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