Insurance Underwriter Salary (Australia)
An Insurance Underwriter earns an average salary of AU$62,512 per year. People in this job generally don't have more than 20 years' experience. Pay for this job does not change much by experience, with the most experienced earning only a bit more than the least.
|Salary||AU$44,644 - AU$84,052|
|Bonus||AU$0.00 - AU$10,033|
|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).)
|AU$45,382 - AU$85,232|
Job Description for Insurance Underwriter
An insurance underwriter helps assess risks, analyze payment and premiums related to those risks, and determine if a business or entity should be insured. Insurance underwriters typically work in an insurance company and must have strong accounting and statistical analysis skills.Read More...
The underwriter may be asked to assess insurance companies' policy decisions that are outside the role or capability of field agents. They assess risk and either accept, reject, or modify potential policy applications. In addition, most companies want their underwriters to help build business by seeking new potential customers that fall within the risk analysis scenario of the insurer. As such, underwriters must be able to not only think analytically, but also be able to find possible new opportunities for their organization.
Insurance underwriters may be asked to look at existing policies and situations as well, particularly after a settlement has occurred. The underwriter must determine if new risk applies and then must make policy decisions to modify, continue, or decline further coverage.
This position typically requires, at minimum, a bachelor’s degree in finance or accounting. In addition, further company or field-specific training and certification may be required. Many companies choose to hire insurance underwriters only after a person has first gained experience in the industry as an associate underwriter. (Copyright 2018 PayScale.com)
Insurance 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.
Insurance Underwriter Pay By Employer
The Travelers Companies, Inc.
Liberty Mutual Insurance Group
State Farm Insurance Company
American International Group, Inc. (AIG)
The Chubb Corporation
EMC Insurance Companies
The Hanover Insurance Company
Arch Insurance Company
Brown & Brown Insurance
Insurance Underwriter Job Listings
Pay Difference by Location
Key Stats for Insurance Underwriter