Underwriter Salary

The average Underwriter in the United States earns approximately $56K per year. Total incomes of Underwriters incorporate potential for, in a few cases, more than $15K from bonuses and close to $6K from profit sharing; these performance components cause packages to range between $38K and $89K. The particular firm is the biggest factor affecting pay for this group, followed by the particular city and experience level. A large number report receiving medical coverage from their employers and most collect dental insurance. Women make up a slight majority of Underwriters (56 percent) survey respondents. Job satisfaction for Underwriters is high. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.

$39,659 - $83,428
$40K
$56K
$83K
MEDIAN: $56,049
10%
50%
90%

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$14.00 - $28.87
$14
$19
$29
MEDIAN: $19.31
10%
50%
90%

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$0$88K
Salary $39,659 - $83,428
Bonus $961 - $14,668
Profit Sharing $98.63 - $5,892
Commission $974 - $18,246
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).
)
$38,263 - $88,654
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 1,981
Hourly Data $0$51
Hourly Rate $14.00 - $28.87
Hourly Tips $2.00
Overtime $20.81 - $51.64
Annual Data $0$88K
Bonus $961 - $14,668
Commission $974 - $18,246
Profit Sharing $98.63 - $5,892
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).
)
$38,263 - $88,654
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 323

Find Out Exactly What You Should Be Paid

United States (change)

Employers: 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.

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Underwriter Tasks

  • Analyze new and renewal business, data, claim history, loss experience, and outcome of liability decisions.
  • Underwrite, submit, approve or pend coverage amounts and premiums, 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.

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. Becoming a Senior Underwriter or a Mortgage Loan Underwriter is often the next step for an Underwriter.

Underwriter Job Listings

Popular Employer Salaries for Underwriter


Underwriters fill the offices of leading firms The Travelers Companies, Inc., The Chubb Corporation, State Farm Insurance Company, J.P. Morgan Chase & Co. (JPMCC), and Aetna, Inc. Employees of Liberty Mutual Insurance Group can expect to make the most, with the company offering a median salary of $76K; however, pay is widely dispersed from bottom to top, ranging from $59K to $119K. Also paying near the top of the field are The Travelers Companies, Inc. at $72K, The Chubb Corporation at $68K, and Markel Corporation, where Underwriters annually earn $67K.

Though certain workers may see earnings of up to $72K, State Farm Insurance Company still falls short in the compensation department — the median pay is only $47K, the lowest in the field. Workers also receive paychecks lighter than average at Metropolitan Life Insurance Company (MetLife) ($47K), Cigna Corporation ($52K), and Aetna, Inc. ($53K).

Popular Skills for Underwriter


Underwriters seem to exploit a large range of skills on the job. Most notably, facility with Financial Modeling, Commercial Loans, and Underwriting are correlated to pay that is significantly above average, leading to increases of 69 percent, 31 percent, and 15 percent, respectively. Skills that seem to negatively impact pay include Customer Service, Data Analysis, and Microsoft Excel. For most people, competency in Insurance indicates knowledge of 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: $55,789

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

For Underwriters, working in the bustling city of San Francisco has its advantages, including an above-average pay rate. Underwriters will also find cushy salaries in New York (+28 percent), Los Angeles (+25 percent), Chicago (+20 percent), and Boston (+17 percent). Columbus ranks last in the field for pay, reporting salaries 13 percent below the national average. Two other places where employers offer below-median salaries are Milwaukee (7 percent less) and Dallas (3 percent less).

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.

Underwriter in Overland Park:
"Boring and tedious."
Pros: The hours and eight to five and nothing comes home with you.
Cons: The tedious and monotonous work invloved.

Underwriter in Portland:
Pros: Some challenging situations, and constant learning.
Cons: Very repetitive. Doing the same task multiple times.

Underwriter in Eugene:
"Good."
Pros: It is always busy.
Cons: The billing cycles.

Underwriter in New York:
"Underwriter."
Pros: I get paid.
Cons: I don't get paid enough.

Related Job Salaries

Key Stats for Underwriter

Gender

Female
56 %
Male
44 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 368 votes.
Less than 1 year
8%
1-4 years
45%
5-9 years
20%
10-19 years
18%
20 years or more
9%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Underwriter Salaries

▲24%

▲19%

▲13%

National Average
$56,000

▼8%

Skills That Affect Underwriter Salaries

Financial Modeling
▲69%

Commercial Loans
▲31%

Underwriting
▲15%


▲7%


▲6%

Commercial
▲6%

▲1%

National Average
$56,000

Risk Management / Risk Control
▼1%

Loan Underwriting
▼1%

Customer Relationship Management (CRM)
▼2%




Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 368 votes.

Gender

Female
56 %
Male
44 %

Years of Experience

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

Common Health Benefits

medical benefits
Medical: 87%
dental benefits
Dental: 80%
vision benefits
Vision: 71%
no benefits
None: 11%
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