The average salary for an Underwriter is $59,566.
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What Do Underwriters Do?
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.
Loans are the primary source of income for a bank, and ensuring the quality of loans is of the utmost importance. Underwriters must follow all regulations, from the guidelines of the company and external underwriter to federal regulations for the appr…Read more
- 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.
Job Satisfaction for Underwriter
Popular Employer Salaries for Underwriter
The top respondents for the job title Underwriter are from the companies The Chubb Corporation, State Farm Insurance Company and Aetna, Inc.. Reported salaries are highest at Liberty Mutual Insurance Group where the average pay is $73,197. Other companies that offer high salaries for this role include The Travelers Companies, Inc. and The Chubb Corporation, earning around $70,630 and $65,291, respectively. Aetna, Inc. pays the lowest at around $51,627. Cigna Corporation and State Farm Insurance Company also pay on the lower end of the scale, paying $53,471 and $53,483, respectively.
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Loan Underwriter, Mortgage
Somewhat common (8 - 20%)
What Are Popular Skills for Underwriters?
Skills in Risk Management / Risk Control, Loan Underwriting and Financial Analysis are correlated to pay that is above average. Skills that pay less than market rate include Customer Service and Insurance.
What is the Pay by Experience Level for Underwriters?
An entry-level Underwriter with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $49,709 based on 271 salaries. An early career Underwriter with 1-4 years of experience earns an average total compensation of $56,230 based on 1,519 salaries. A mid-career Underwriter with 5-9 years of experience earns an average total compensation of $63,969 based on 757 salaries. An experienced Underwriter with 10-19 years of experience earns an average total compensation of $68,112 based on 551 salaries. In their late career (20 years and higher), employees earn an average total compensation of $71,749.
Pay Difference by Location
Employees with Underwriter in their job title in New York, New York earn an average of 21.1% more than the national average. These job titles also find higher than average salaries in Chicago, Illinois (15.3% more) and Hartford, Connecticut (3.0% more). The lowest salaries can be found in Phoenix, Arizona (6.5% less).
Years of Experience
This data is based on 3,390 survey responses.