The average salary for an Underwriter is £27,647.
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£19k - £54k
£623 - £10k
£0 - £3k
£19k - £58k
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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 Aviva Ltd, Hiscox and QBE Europe. Reported salaries are highest at XL Group Inc where the average pay is £50,000. Other companies that offer high salaries for this role include QBE Europe, earning around £45,000. Aviva Ltd pays the lowest at around £21,800. Hiscox also pays on the lower end of the scale, paying £25,888.
Underwriter Job Listings
Popular Skills for Underwriter
Skills in Insurance, Risk Management / Risk Control and Data Analysis are correlated to pay that is above average. Skills that pay less than market rate include Loan Underwriting 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 £21,382 based on 71 salaries. An early career Underwriter with 1-4 years of experience earns an average total compensation of £25,115 based on 241 salaries. A mid-career Underwriter with 5-9 years of experience earns an average total compensation of £33,020 based on 141 salaries. An experienced Underwriter with 10-19 years of experience earns an average total compensation of £37,257 based on 79 salaries. In their late career (20 years and higher), employees earn an average total compensation of £30,505.
Pay Difference by Location
Learn more about cost of living by city.
Employees with Underwriter in their job title in London, England: London earn an average of 50.7% more than the national average. The lowest salaries can be found in Leeds, England: West Yorkshire (22.6% less), Edinburgh, Scotland: Edinburgh (18.4% less) and Glasgow, Scotland: Glasgow (15.6% less).
Years of Experience
This data is based on 553 survey responses.