Underwriter Salary (Bermuda)
The average pay for an Underwriter is $103,669 per year. Most people move on to other jobs if they have more than 20 years' experience in this field.
|Salary||$66,977 - $161,725|
|Bonus||$2,027 - $80,879|
|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).)
|$69,038 - $259,072|
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.Read More...
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 approval process. They must have strong communication skills to work well with applicants, as well as management skills to ensure that loans are of high quality and helpful for both sides. The ability to learn quickly is highly beneficial, as well, as technology is constantly changing.
Underwriters work primarily inside offices for eight-hour shifts from the bank's opening to closing. Specific training is necessary to follow federal regulations and understand all credit and loan files, and most companies require this training before applying or will offer it on-the-job. Knowledge of FNMA and FHMLC programs and guidelines is also required for the position. (Copyright 2018 PayScale.com)
- 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.
Underwriter Pay By Employer
The Chubb Corporation
The Travelers Companies, Inc.
State Farm Insurance Company
Liberty Mutual Insurance Group
American International Group, Inc. (AIG)
The Hartford Financial Services Group, Inc.
Underwriter Job Listings
Pay Difference by Location
Key Stats for Underwriter