The average salary for an Underwriter in Australia is AU$67,237.
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AU$50k - AU$97k
AU$710 - AU$15k
AU$0 - AU$1k
AU$0 - AU$13k
AU$50k - AU$101k
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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. Loans are the primary source of income for a bank, and ensuring the quality of loans is of the utmost importance. Underwriters must follow all regulations, from the guidelines of the company and external underwriter to federal regulations for the appr…Read more
- 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.
Popular Employer Salaries for Underwriter
The top respondents for the job title Underwriter are from the companies QBE Australia, Allianz and Steadfast Companies. Reported salaries are highest at Allianz where the average pay is AU$108,500. Other companies that offer high salaries for this role include QBE Australia, earning around AU$76,291. Steadfast Companies pays the lowest at around AU$60,395. Suncorp also pays on the lower end of the scale, paying AU$61,042.
Underwriter Job Listings
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Popular Skills for Underwriter
Risk Management / Risk Control
Skills in Insurance, Risk Management / Risk Control and Financial Analysis are correlated to pay that is above average. Skills that pay less than market rate include Data Analysis and Customer Service.
Pay by Experience Level for Underwriter
An entry-level Underwriter with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of AU$57,044 based on 9 salaries. An early career Underwriter with 1-4 years of experience earns an average total compensation of AU$64,794 based on 86 salaries. A mid-career Underwriter with 5-9 years of experience earns an average total compensation of AU$71,597 based on 75 salaries. An experienced Underwriter with 10-19 years of experience earns an average total compensation of AU$78,046 based on 33 salaries. In their late career (20 years and higher), employees earn an average total compensation of AU$76,398.
Pay Difference by Location
Learn more about cost of living by city.
Employees with Underwriter in their job title in Sydney, New South Wales earn an average of 9.8% more than the national average. These job titles also find higher than average salaries in Perth, Western Australia (4.9% more). The lowest salaries can be found in Melbourne, Victoria (5.7% less), Brisbane, Queensland (2.5% less) and Adelaide, South Australia (0.9% less).
Years of Experience
This data is based on 214 survey responses.
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