Underwriter Salary

Underwriters in the United States take home approximately $53K per year on average. In the world of Underwriters, total cash compensation ranges from $37K on the lower end to $82K on the higher end; this includes bonuses that reach $10K and profit sharing that approaches $8K in rare cases, with some high rollers snagging commissions as high as $20K. The particular firm is the biggest factor affecting pay for this group, followed by career duration and geography. Job satisfaction for Underwriters is high. Medical benefits are awarded to a large number, and most earn dental coverage. Women make up a slight majority of Underwriters (51 percent) survey respondents. This snapshot results from replies to PayScale's salary survey.

$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


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 $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


Known for taking on a considerable number of Underwriters, The Travelers Companies, Inc., The Chubb Corporation, State Farm Insurance Company, Bank of America Corp. (BOFA), and J.P. Morgan Chase & Co. (JPMCC) are leading firms in the industry. For Underwriters, comfortable salaries can be found at The Travelers Companies, Inc.; in fact, average earnings are around $71K, the highest in the area, though the difference in the company's lowest and highest employee paychecks ($54K versus $99K) is great. Soaring salaries can also be found at The Chubb Corporation, Liberty Mutual Insurance Group, and ACE Group, where earnings of $70K, $67K, or $63K are standard for Underwriters.

For Underwriters, below-average salaries can be found at State Farm Insurance Company; in fact, average earnings are around $44K, the lowest in the area, though the difference in the company's lowest and highest employee paychecks ($35K versus $80K) is great. Employees at Metropolitan Life Insurance Company (MetLife), Cigna Corporation, and Markel Corporation can also expect below-average earnings of $47K, $50K, and $54K.

Popular Skills for Underwriter


Underwriters seem to exploit a large range of 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 7 percent and 13 percent. Skills that pay less than market rate include Customer Service and Microsoft Excel. Most people familiar with Insurance also know Data Analysis.

Pay by Experience Level for Underwriter

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


For Underwriters, experience does not seem to be a major factor in determining pay. 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. After working for 10 to 20 years, Underwriters make a median salary of $64K. In the end, more experience does seem to mean larger paychecks; seasoned Underwriters with more than 20 years of experience earn a predictably higher median salary of $71K.

Pay Difference by Location

National Average: $53,875

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, 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