Underwriter Salary

Median pay for Underwriters in the United States is around $56K annually. 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. This group's pay is mainly influenced by the company, followed by geography and tenure. Most enjoy medical while a large number get dental coverage. Vision coverage is also available to a strong majority. Women make up a slight majority of Underwriters (54 percent) survey respondents. Most Underwriters like their work and job satisfaction is high. Participants in PayScale's salary questionnaire provided the particulars of this report.

$39,370 - $82,977
$39K
$56K
$83K
MEDIAN: $55,581
10%
50%
90%

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$13.42 - $27.93
$13
$19
$28
MEDIAN: $18.97
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
$39,370 - $82,977  
   
Bonus
$795 - $14,609  
Profit Sharing
$-0.48 - $6,049  
Commission
$970 - $15,319  
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).
)
$37,556 - $88,257  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 1,858
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
$13.42 - $27.93  
   
Hourly Tips
$2.00  
Overtime
$20.73 - $51.55  
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
$795 - $14,609  
   
Commission
$970 - $15,319  
Profit Sharing
$-0.48 - $6,049  
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).
)
$37,556 - $88,257  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 299

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 experience a large salary bump if they progress into a role such as Manager of Underwriting. The latter position pays an average of $88K annually. A Senior Underwriter or a Mortgage Loan Underwriter is a typical transition from an Underwriter role.

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. The biggest paychecks can be found at Liberty Mutual Insurance Group — the median salary there is $76K; however, employees are subject to a wide range in pay, with the lowest salaries sitting near $59K and highest ones in the neighborhood of $119K. Underwriters will also find cushy salaries at The Travelers Companies, Inc. (+$72K), The Chubb Corporation (+$68K), and Markel Corporation (+$67K).

Bringing up the rear, State Farm Insurance Company's median pay of $47K is the lowest in town; however, employee salaries widely range, with some making up to $72K. A few other companies with smaller-than-average paychecks include Metropolitan Life Insurance Company (MetLife) ($47K), Cigna Corporation ($52K), and Aetna, Inc. ($53K).

Popular Skills for Underwriter


Survey results imply that Underwriters deploy a substantial tool kit of skills at work. Most notably, facility with Financial Modeling, Commercial Loans, and Underwriting are correlated to pay that is significantly above average, leading to increases of 70 percent, 32 percent, and 17 percent, respectively. Skills that pay less than market rate include Customer Service, Data Analysis, and Microsoft Excel. Those familiar with Insurance also tend to know Data Analysis.

Pay by Experience Level for Underwriter

Pay by Experience for an Underwriter has a positive trend. An entry-level Underwriter with less than 5 years of experience can expect to earn an average total compensation of $51,000 based on 1,346 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. An Underwriter with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $63,000 based on 571 salaries. An experienced Underwriter which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $66,000 based on 465 salaries. An Underwriter with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $69,000 based on 183 salaries.

Pay Difference by Location

National Average: $55,254

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

Surpassing the national average by 38 percent, Underwriters in San Francisco receive some of the highest pay in the country. Underwriters can also look forward to large paychecks in cities like New York (+30 percent), Los Angeles (+27 percent), Chicago (+21 percent), and Boston (+18 percent). In Columbus, salaries are 12 percent below the national average and represent the lowest-paying market. Workers in Milwaukee and Dallas earn salaries that trail the national average for those in this profession (6 percent less and 2 percent less, respectively).

Underwriter Reviews

Q: What is it like working as an Underwriter?

Underwriter in Salt Lake City:
"Mostly good | A little bad."
Pros: My boss empowers those he manages to perform their own work independently and encourages us to look for ways to improve our processes and business practices. High trust atmosphere. Low stress.
Cons: Sometimes production work falls dead for weeks at a time due to the cyclical nature of medical insurance contracts.

Related Job Salaries

Key Stats for Underwriter

Gender

Female
54 %
Male
46 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 306 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

▲25%

▲20%

▲14%

National Average
$55,000

▼7%

Skills That Affect Underwriter Salaries

Financial Modeling
▲70%

Commercial Loans
▲32%

Underwriting
▲17%


▲8%


▲7%

Commercial
▲7%

▲2%

Risk Management / Risk Control
▼0%

Loan Underwriting
▼0%

National Average
$55,000

Customer Relationship Management (CRM)
▼2%




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 306 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: 87%
dental benefits
Dental: 80%
vision benefits
Vision: 71%
no benefits
None: 10%