Avg. Base Salary (USD)
The average salary for an Underwriter is $65,076
What is the Pay by Experience Level for Underwriters?
An early career Underwriter with 1-4 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of $70,803 based on 80 salaries. A mid-career Underwriter with 5-9 years of experience earns an average total compensation of $81,786 based on 41 salaries. An experienced Underwriter with 10-19 …Read more
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 …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.
FAQs About Underwriters
What is the highest pay for Underwriters in New York?
Our data indicates that the highest pay for an Underwriter in New York is $73k / year
What is the lowest pay for Underwriters in New York?
Our data indicates that the lowest pay for an Underwriter in New York is $45k / year
How can Underwriters increase their salary?
Increasing your pay as an Underwriter is possible in different ways. Change of employer: Consider a career move to a new employer that is willing to pay higher for your skills. Level of Education: Gaining advanced degrees may allow this role to increase their income potential and qualify for promotions. Managing Experience: If you are an Underwriter that oversees more junior Underwriters, this experience can increase the likelihood to earn more.