The average salary for a Mid-Career Insurance Underwriter in Chicago, Illinois is $73,425.
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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.
Insurance Underwriter Job Listings
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Pay by Experience Level for Insurance Underwriter
An early career Insurance Underwriter with 1-4 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of $60,002 based on 16 salaries. An experienced Insurance Underwriter with 10-19 years of experience earns an average total compensation of $70,371 based on 15 salaries. In their late career (20 years and higher), employees earn an average total compensation of $87,350.
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 15.8% more than the national average. The lowest salaries can be found in Charlotte, North Carolina (24.9% less), St. Louis, Missouri (18.3% less) and Los Angeles, California (13.1% less).
Years of Experience
This data is based on 36 survey responses.
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