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Underwriter Salary

Underwriters in the United States pull down an average of $53K annually. Cash earnings of Underwriters — including $10K in bonuses, $8K in profit sharing proceeds, and $20K in commissions near the top of the pay scale — stretch from approximately $36K to approximately $81K depending on individual performance. The most influential factor affecting pay for this group is the specific employer, though years of experience and location have a (lesser) impact as well. Medical benefits are awarded to nearly all, and most earn dental coverage. The majority of workers are highly satisfied with their job. Women Underwriters who took the survey just slightly outnumber men.

$36,670 - $76,415
(Median)
$37K
$53K
$76K
MEDIAN: $52,566
10%
50%
90%

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$12.92 - $28.56
(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$27K$54K$81K
Salary
$36,670 - $76,415  
   
Bonus
$0.00 - $10,153  
Profit Sharing
$490.25 - $7,855  
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).
)
$35,900 - $80,690  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 2,781
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$16$32$48
Hourly Rate
$12.92 - $28.56  
   
Overtime
$18.18 - $46.78  
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$32K$64K$96K
Bonus
$0.00 - $10,153  
   
Commission
$0.00 - $20,426  
Profit Sharing
$490.25 - $7,855  
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).
)
$35,900 - $80,690  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 360

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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.

Insurance Underwriter Job Listings

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Popular Employer Salaries for Underwriter


J.P. Morgan Chase & Co. (JPMCC), The Travelers Companies, Inc., State Farm Insurance Company, American International Group, Inc. (AIG), and Bank of America Corp. (BOFA) are top-notch employers for Underwriters in this area. Although The Chubb Corporation leads the field in pay with a median salary of $75K, employees there receive a wide spread of salaries, from $51K on the low end all the way up to $104K at the top. Other employers shelling out big bucks include The Travelers Companies, Inc., Liberty Mutual Insurance Group, and The PNC Financial Services Group, Inc., where Underwriters typically earn around $71K, $66K, or $63K, respectively.

Relative to other names in the field, compensation is very low at State Farm Insurance Company — the median salary comes to just $44K, 71 percent less than the top paying company. 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 $78K.

Popular Skills for Underwriter


Underwriters seem to wield many skills on the job. Most notably, skills in Negotiation, Mortgage Loans, Financial Analysis, and Commercial are correlated to pay that is above average, with boosts between 9 percent and 16 percent. Skills that pay less than market rate 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.


Underwriters with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. 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 $58K. Underwriters bring in $63K after working for 10 to 20 years. 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 $70K.

Pay Difference by Location


Home to some of the best pay for Underwriters, San Francisco offers exceptional salaries, 24 percent above the national average. Underwriters can also look forward to large paychecks in cities like Chicago (+24 percent), New York (+21 percent), Seattle (+19 percent), and Boston (+16 percent). Phoenix ranks last in the field for pay, reporting salaries 2 percent below the national average.

Related Job Salaries

United States (change)

Experience Affects Underwriter Salaries




National Average
$53,000


Skills That Affect Underwriter Salaries




Commercial
up arrow 7%

Underwriting
up arrow 6%

Sales
up arrow 4%

Loan Underwriting
up arrow 3%

Risk Management / Risk Control
up arrow 2%

Customer Relationship Management (CRM)
up arrow 2%

Insurance
0%

Microsoft Excel
0%

National Average
$53,000

Data Analysis
up arrow 1%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 664 votes.

Gender

Female
51 %
Male
49 %

Years of Experience

Less than 1 year
6%
1-4 years
41%
5-9 years
28%
10-19 years
18%
20 years or more
7%

Common Health Benefits

medical benefits Medical: 90% dental benefits Dental: 83%
vision benefits Vision: 68% employee benefits None: 8%