Insurance Underwriter in Chicago, Illinois Salary
How much does an Insurance Underwriter make in Chicago, IL? In Chicago, an Insurance Underwriter earns approximately $63,941 per year on average. This is 14% above the national average for an Insurance Underwriter which is $55,095 per year. Salaries for an Insurance Underwriter in Chicago range from $40,268 annually to $84,430 annually. Total Annual Compensation, which includes salary and bonus for an Insurance Underwriter in Chicago ranges from $39,403 to $98,633 annually. Among those reporting, there is an average job satisfaction rating of 5 out of 5 stars. Among those reporting, there is a fairly even distribution of men (45%) and woman (55%) filling this role in Chicago. Many report receiving medical, dental, and vision benefits from their employer.
|Salary||$40,268 - $84,430|
|Bonus||$500 - $12,500|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$39,403 - $98,633|
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.Read More...
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. In addition, most companies want their underwriters to help build business by seeking new potential customers that fall within the risk analysis scenario of the insurer. As such, underwriters must be able to not only think analytically, but also be able to find possible new opportunities for their organization.
Insurance underwriters may be asked to look at existing policies and situations as well, particularly after a settlement has occurred. The underwriter must determine if new risk applies and then must make policy decisions to modify, continue, or decline further coverage.
This position typically requires, at minimum, a bachelor’s degree in finance or accounting. In addition, further company or field-specific training and certification may be required. Many companies choose to hire insurance underwriters only after a person has first gained experience in the industry as an associate underwriter. (Copyright 2017 PayScale.com)
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
Key Stats for Insurance Underwriter
Rated 5 out of 5
based on 4 votes.