$79,216
Avg. Salary
$30.90
Avg. Hourly Rate

Average additional compensation for this job:

Bonus

$7,611

Profit Sharing

$3,458

Commission

$15,156

The average pay for a Senior Underwriter is $30.90 per hour.

The average pay for a Senior Underwriter is $79,216 per year.

$18
10%
$31
50%
$42
90%
MEDIAN $31
$56k
10%
$79k
50%
$108k
90%
MEDIAN $79,216
$55,752 - $107,644
$56K
$79K
$110K
MEDIAN: $79,216
10%
50%
90%

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$18.30 - $41.81
$18
$31
$42
MEDIAN: $30.90
10%
50%
90%

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$0$118K
Salary $55,752 - $107,644
Bonus $1,675 - $19,717
Profit Sharing $242 - $9,989
Commission $5,034 - $74,497
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).
)
$56,511 - $118,619
  • Country: United States
  • Currency: USD
  • Updated: 13 Nov 2018
  • Individuals Reporting: 2,173
Hourly Data $0$65
Hourly Rate $18.30 - $41.81
Hourly Tips $0.43
Overtime $28.13 - $65.26
Annual Data $0$118K
Bonus $1,675 - $19,717
Commission $5,034 - $74,497
Profit Sharing $242 - $9,989
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).
)
$56,511 - $118,619
  • Country: United States
  • Currency: USD
  • Updated: 13 Nov 2018
  • Individuals Reporting: 141

Job Description for Senior Underwriter

Senior underwriters analyze new loan applications to determine whether an applicant should be administered a loan. They may analyze the ability to pay, credit score, and how much is being requested, and the submitted information should be verified during this process. It's also important to determine whether the application fulfills certain parameters of various loans.

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Senior Underwriter Tasks

  • Assess eligibility of clients' applications to receive capital, insurance, mortgage, or credit.
  • Evaluate collateral and ensure portfolio credit quality.
  • Structure products to meet clients' needs.

Popular Employer Salaries for Senior Underwriter


Known for taking on a considerable number of Senior Underwriters, American International Group, Inc. (AIG), The Chubb Corporation, The Hartford Financial Services Group, Inc., ACE Group, and Nationwide Mutual Insurance Company are leading firms in the industry. Crum and Forster offers the largest salaries in town — $118K on average. Other leaders in compensation levels are The Hanover Insurance Company at $115K, The Hartford Financial Services Group, Inc. at $104K, and Bank of America Corp. (BOFA), where Senior Underwriters annually earn $101K.

Relative to other names in the field, compensation is very low at Nationwide Mutual Insurance Company — the median salary comes to just $64K, about half the top paying employer's rate. Workers at Aetna, Inc., J.P. Morgan Chase & Co. (JPMCC), and ACE Group also face smaller salaries than the rest of the field — average earnings for these employers come to $76K, $78K, and $87K respectively.

Common Career Paths for Senior Underwriter


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Senior Underwriters who advance into the role of a VP of Underwriting are fairly uncommon. VPs of Underwriting on average earn $130K per year. Going from Senior Underwriter to Manager of Underwriting is the transition that occurs most often in this field, where the paychecks are $88K. Many others choose to work as Mortgage Loan Underwriters, where pay is typically $56K.

Senior Underwriter Job Listings

Popular Skills for Senior Underwriter


Survey results suggest that Senior Underwriters use a fairly large toolkit of professional skills. Most notably, skills in Sales, Negotiation, Underwriting, and Data Analysis are correlated to pay that is above average. Skills that pay less than market rate include Mortgage Loans and Loan Underwriting. The majority of those who know Insurance also know Financial Analysis.

Pay by Experience Level for Senior Underwriter

Pay by Experience for a Senior Underwriter has a positive trend. An entry-level Senior Underwriter with less than 5 years of experience can expect to earn an average total compensation of $72,000 based on 172 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Senior Underwriter with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $79,000 based on 400 salaries. An experienced Senior Underwriter which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $82,000 based on 485 salaries. A Senior Underwriter with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $83,000 based on 303 salaries.

Pay Difference by Location

National Average: $83,208

Larger city markers indicate a job is popular in that location.

New York offers some of the highest pay in the country for Senior Underwriters, 34 percent above the national average. Senior Underwriters can also look forward to large paychecks in cities like Boston (+25 percent), San Francisco (+24 percent), Los Angeles (+18 percent), and Richmond (+12 percent). Senior Underwriters' salaries are heavily influenced by location — Senior Underwriters in Tampa bring in salaries that are 21 percent lower than the national average. A couple other locations with smaller-than-average paychecks include Houston (9 percent lower) and Columbus (3 percent lower).

Senior Underwriter Reviews

Q: What is it like working as a Senior Underwriter?

Senior Underwriter in Singapore:
"Hectic."
Pros: Good working relationship with intermediaries.
Cons: Politics.

Senior Underwriter in Chicago:
Get your FLMI and FALU.

Senior Underwriter in Knoxville:
"Continual learning."
Learn all aspects of your company, not just underwriting. Get out in the field to visits agents and insured companies to build relationships and expand knowledge. Wisdom gained from hands on experience is more valuable and useful than basic intellect. Get out of your comfort zone to leap forward in knowledge and always learn as much as possible. Learn to talk to customers about their business, their industry, and how they operate as opposed to only telling them about your insurance product.

Senior Underwriter in New York:
"I am able to provide a valuable service to my customers,"
Pros: Providing high level service to the customer.
Cons: The time it takes to provide that service, even with the new technology.

Senior Underwriter in Boston:
"Take Lots Of Math Courses."
The individual who has a strong Math background can do a lot in this position. They can also look into moving to Actuarial Services. There will always be a need for a good Actuary.

Related Job Salaries

Key Stats for Senior Underwriter

Gender

Female
55 %
Male
45 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 443 votes.
Less than 1 year
0%
1-4 years
9%
5-9 years
27%
10-19 years
38%
20 years or more
26%

Experience Affects Senior Underwriter Salaries

National Average
$83,000

▼1%

▼1%

▼5%

▼14%

Skills That Affect Senior Underwriter Salaries

Sales
▲14%

▲2%

Underwriting
▼0%

Data Analysis
▼0%

National Average
$83,000

▼1%






Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 443 votes.

Gender

Female
55 %
Male
45 %

Years of Experience

Less than 1 year
0%
1-4 years
9%
5-9 years
27%
10-19 years
38%
20 years or more
26%

Common Health Benefits

medical benefits
Medical: 91%
dental benefits
Dental: 86%
vision benefits
Vision: 76%
no benefits
None: 7%