The average salary for an Insurance Underwriter in Philadelphia, Pennsylvania is $62,548.
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What Do Insurance Underwriters Do?
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.
Insurance Underwriter Job Listings
What Are Popular Skills for Insurance Underwriters?
Skills in Insurance and Risk Management / Risk Control are correlated to pay that is above average. Skills that pay less than market rate include Commercial.
What is the Pay by Experience Level for Insurance Underwriters?
An early career Insurance Underwriter with 1-4 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of $59,750 based on 8 salaries. A mid-career Insurance Underwriter with 5-9 years of experience earns an average total compensation of $74,000 based on 5 salaries. An experienced Insurance Underwriter with 10-19 years of experience earns an average total compensation of $80,680 based on 5 salaries.
Pay Difference by Location
Employees with Insurance Underwriter in their job title in New York, New York earn an average of 17.4% more than the national average. These job titles also find higher than average salaries in Chicago, Illinois (2.6% more) and Los Angeles, California (2.4% more). The lowest salaries can be found in Detroit, Michigan (15.0% less), Dallas, Texas (5.9% less) and Alpharetta, Georgia (4.6% less).
Years of Experience
This data is based on 18 survey responses.
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