Underwriter Salary

Underwriters in the United States can expect to earn an average of $56K annually. The final incomes of Underwriters generally vary between $38K and $89K; higher pay grades include potential for bonuses, profit sharing, and commissions as high as $15K, $6K, and $18K, respectively. The most important factor affecting compensation for this group is the specific employer, followed by geography and tenure. Women make up a slight majority of Underwriters (55 percent) survey respondents. Most enjoy medical while a large number get dental coverage. Vision coverage is also available to a strong majority. Most Underwriters report high levels of job satisfaction. The information for this snapshot was generated by responses to the PayScale salary survey.

$40,156 - $84,513
$40K
$57K
$85K
MEDIAN: $56,796
10%
50%
90%

Add this chart to your site: 640px    300px

$14.13 - $29.41
$14
$20
$29
MEDIAN: $19.71
10%
50%
90%

Add this chart to your site: 640px    300px

$0$89K
Salary $40,156 - $84,513
Bonus $977 - $14,648
Profit Sharing $98.99 - $6,200
Commission $974 - $18,246
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).
)
$38,790 - $89,515
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 2,034
Hourly Data $0$52
Hourly Rate $14.13 - $29.41
Hourly Tips $2.00
Overtime $20.26 - $52.60
Annual Data $0$89K
Bonus $977 - $14,648
Commission $974 - $18,246
Profit Sharing $98.99 - $6,200
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).
)
$38,790 - $89,515
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 330

Find Out Exactly What You Should Be Paid

United States (change)

Job Description for Underwriter

Underwriters work primarily in banks which handle loans and mortgages and are responsible for analyzing the risks of a loan based on the data in the application. They also oversee other information in the loan application to ensure it is accurate.

Read More...

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.

Common Career Paths for Underwriter


Add this chart to your site:   640px 640px    300px 300px


Underwriters may progress into high-paying roles like Manager of Underwriting, where median compensation is $88K annually. Becoming a Senior Underwriter or a Mortgage Loan Underwriter is a common transition from an Underwriter role.

Underwriter Job Listings

Popular Employer Salaries for Underwriter


Underwriters flock to The Travelers Companies, Inc., The Chubb Corporation, State Farm Insurance Company, J.P. Morgan Chase & Co. (JPMCC), and Aetna, Inc., highly regarded companies that employ a generous number of people in this profession. Although Liberty Mutual Insurance Group boasts the highest average salary in town at $76K, employee compensation still varies greatly — workers can make as little as $59K or as much as $119K. Underwriters can also look forward to large paychecks at The Travelers Companies, Inc. ($72K), The Chubb Corporation ($68K), and Markel Corporation ($67K).

State Farm Insurance Company seems to offer the smallest paychecks with a median salary of only $47K. The pay range is quite narrow, too; compensation generally sits between $37K and $72K. Metropolitan Life Insurance Company (MetLife), Cigna Corporation, and Aetna, Inc. are a few other employers known for handing out relatively lightweight salaries ($47K, $52K, and $53K respectively).

Popular Skills for Underwriter


Survey results imply that Underwriters deploy a deep pool of skills on the job. Most notably, facility with Financial Modeling, Commercial Loans, and Underwriting are correlated to pay that is significantly above average, leading to increases of 68 percent, 30 percent, and 15 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Customer Service, Data Analysis, and Microsoft Excel. Those familiar with Insurance also tend to know Data Analysis.

Pay by Experience Level for Underwriter

Pay by Experience for an Underwriter has a positive trend. An entry-level Underwriter with less than 5 years of experience can expect to earn an average total compensation of $51,000 based on 1,346 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. An Underwriter with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $63,000 based on 571 salaries. An experienced Underwriter which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $66,000 based on 465 salaries. An Underwriter with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $69,000 based on 183 salaries.

Pay Difference by Location

National Average: $56,603

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

Surpassing the national average by 36 percent, Underwriters in San Francisco receive some of the highest pay in the country. Underwriters can also look forward to large paychecks in cities like New York (+28 percent), Los Angeles (+25 percent), Chicago (+20 percent), and Boston (+17 percent). Falling short of the national average by 13 percent, the area with the worst salaries is Columbus. Workers in Milwaukee and Dallas earn salaries that trail the national average for those in this profession (7 percent less and 4 percent less, respectively).

Underwriter Reviews

Q: What is it like working as an Underwriter?

Underwriter in Salt Lake City:
"Mostly good | A little bad."
Pros: My boss empowers those he manages to perform their own work independently and encourages us to look for ways to improve our processes and business practices. High trust atmosphere. Low stress.
Cons: Sometimes production work falls dead for weeks at a time due to the cyclical nature of medical insurance contracts.

Underwriter in Overland Park:
"Boring and tedious."
Pros: The hours and eight to five and nothing comes home with you.
Cons: The tedious and monotonous work invloved.

Underwriter in Portland:
Pros: Some challenging situations, and constant learning.
Cons: Very repetitive. Doing the same task multiple times.

Underwriter in Eugene:
"Good."
Pros: It is always busy.
Cons: The billing cycles.

Underwriter in New York:
"Underwriter."
Pros: I get paid.
Cons: I don't get paid enough.

Related Job Salaries

Key Stats for Underwriter

Gender

Female
55 %
Male
45 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 403 votes.
Less than 1 year
8%
1-4 years
45%
5-9 years
21%
10-19 years
17%
20 years or more
9%
ADVERTISEMENT
Location:
Years in Fields/Career:
United States (change)

Experience Affects Underwriter Salaries

▲22%

▲17%

▲11%

National Average
$57,000

▼10%

Skills That Affect Underwriter Salaries

Financial Modeling
▲66%

Commercial Loans
▲29%

Underwriting
▲14%


▲5%

▲5%

Commercial
▲5%


▼0%

National Average
$57,000

Risk Management / Risk Control
▼2%

Loan Underwriting
▼2%

Customer Relationship Management (CRM)
▼4%




Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 403 votes.

Gender

Female
55 %
Male
45 %

Years of Experience

Less than 1 year
8%
1-4 years
45%
5-9 years
21%
10-19 years
17%
20 years or more
9%

Common Health Benefits

medical benefits
Medical: 87%
dental benefits
Dental: 80%
vision benefits
Vision: 71%
no benefits
None: 11%
ADVERTISEMENT