Underwriter Salary

For Underwriters, yearly average wages total $53K annually. In the world of Underwriters, total cash compensation can vary between $36K and $81K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $10K and $8K, respectively. The particular firm is the biggest factor affecting pay for this group, followed by career duration and location. Job satisfaction is high and work is enjoyable for most Underwriters. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 51 percent.

$36,809 - $76,838
(Median)
$37K
$53K
$77K
MEDIAN: $52,773
10%
50%
90%

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$13.03 - $29.18
(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
$36,809 - $76,838  
   
Bonus
$0.00 - $10,162  
Profit Sharing
$488.54 - $7,935  
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).
)
$35,980 - $81,237  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 2,802
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
$13.03 - $29.18  
   
Overtime
$18.20 - $47.61  
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 - $10,162  
   
Commission
$0.00 - $20,426  
Profit Sharing
$488.54 - $7,935  
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).
)
$35,980 - $81,237  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 364
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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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Underwriters who go on to become Managers of Underwriting may see their salaries climb quite a bit. Median pay for Managers of Underwriting is $87K 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


Underwriters fill the offices of leading firms The Travelers Companies, Inc., J.P. Morgan Chase & Co. (JPMCC), State Farm Insurance Company, The Chubb Corporation, and Bank of America Corp. (BOFA). Although The Chubb Corporation heads up the field in terms of compensation, offering the highest median salary at $73K, pay at this particular employer still varies considerably, running the full spectrum from $53K to $103K. Underwriters can also look forward to large paychecks at The Travelers Companies, Inc. ($72K), Liberty Mutual Insurance Group ($66K), and The PNC Financial Services Group, Inc. ($64K).

State Farm Insurance Company offers the lowest compensation; the median salary there averages out to only $45K. The pay range is also narrow, ranging between $35K and $80K. 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 report using a deep pool of skills on the job. Most notably, skills in Negotiation, Financial Analysis, Mortgage Loans, and Underwriting are correlated to pay that is above average, with boosts between 8 percent and 16 percent. At the other end of the pay range are skills like Customer Service. Most people skilled in Insurance are similarly competent in Data Analysis.

Pay by Experience Level for Underwriter

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


For Underwriters, more experience in the field does not usually mean bigger paychecks. Survey participants with less than five years' experience pocket $49K on average, but those with five to 10 years of experience enjoy a much bigger median of $59K. Underwriters see a median salary of $64K after reaching one to two decades on the job. After two decades in the workforce, the average Underwriter generally earns more than ever; median pay for this group is estimated at $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 (+14 percent). The smallest paychecks in the market, 2 percent south of the national average, can be found in Phoenix.

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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%

Customer Service
up arrow 4%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 606 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
18%
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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