The average salary for an Insurance Underwriter with Commercial skills is $58,940.
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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. 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…Read more
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.
Popular Employer Salaries for Insurance Underwriter
The top respondents for the job title Insurance Underwriter are from the companies Liberty Mutual Insurance Group, The Travelers Companies, Inc. and St. Paul's Travelers. Reported salaries are highest at The Travelers Companies, Inc. where the average pay is $87,429. Other companies that offer high salaries for this role include Zurich Insurance Company and Liberty Mutual Insurance Group, earning around $85,000 and $74,558, respectively. Builders Mutual Insurance Company pays the lowest at around $55,955. St. Paul's Travelers and Arthur J. Gallagher & Company also pay on the lower end of the scale, paying $62,089 and $64,800, respectively.
Insurance Underwriter Job Listings
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Popular Skills for Insurance Underwriter
Skills that pay less than market rate include Data Analysis, Financial Analysis, Customer Service, Risk Management / Risk Control and Insurance.
Pay by Experience Level for Insurance Underwriter
An entry-level Insurance Underwriter with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $48,899 based on 10 salaries. An early career Insurance Underwriter with 1-4 years of experience earns an average total compensation of $55,179 based on 115 salaries. A mid-career Insurance Underwriter with 5-9 years of experience earns an average total compensation of $61,493 based on 98 salaries. An experienced Insurance Underwriter with 10-19 years of experience earns an average total compensation of $61,016 based on 95 salaries. In their late career (20 years and higher), employees earn an average total compensation of $66,457.
Pay Difference by Location
Learn more about cost of living by city.
Employees with Insurance Underwriter in their job title in New York, New York earn an average of 68.4% more than the national average. These job titles also find higher than average salaries in San Francisco, California (20.5% more) and Atlanta, Georgia (6.5% more). The lowest salaries can be found in Austin, Texas (6.7% less) and Denver, Colorado (4.6% less).
Years of Experience
This data is based on 380 survey responses.
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