The average salary for an Insurance Underwriter in Chicago, Illinois is $63,175.
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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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Popular Skills for Insurance Underwriter
Skills in Insurance are correlated to pay that is above average. Skills that pay less than market rate include Financial Analysis, Commercial and Risk Management / Risk Control.
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 $60,001 based on 17 salaries. A mid-career Insurance Underwriter with 5-9 years of experience earns an average total compensation of $73,425 based on 7 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 San Francisco, California earn an average of 24.2% more than the national average. These job titles also find higher than average salaries in New York, New York (17.9% more) and Los Angeles, California (3.4% more). The lowest salaries can be found in Houston, Texas (17.4% less), Dallas, Texas (7.9% less) and Charlotte, North Carolina (7.6% less).
Years of Experience
This data is based on 44 survey responses.
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