The average salary for an Entry-Level Underwriter is $49,530.
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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.
Popular Employer Salaries for Underwriter
The top respondents for the job title Underwriter are from the companies Aetna, Inc., Cigna Corporation and Auto-Owners Insurance Company. Reported salaries are highest at Cigna Corporation where the average pay is $53,158. Other companies that offer high salaries for this role include The Chubb Corporation, earning around $50,000. State Farm Insurance Company pays the lowest at around $39,138. Auto-Owners Insurance Company also pays on the lower end of the scale, paying $44,709.
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Loan Underwriter, Mortgage
Somewhat common (8 - 20%)
What Are Popular Skills for Underwriters?
Skills in Insurance, Risk Management / Risk Control, Data Analysis and Loan Underwriting are correlated to pay that is above average. Skills that pay less than market rate include Customer Service.
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 $55,814 based on 1,536 salaries. A mid-career Underwriter with 5-9 years of experience earns an average total compensation of $63,614 based on 768 salaries. An experienced Underwriter with 10-19 years of experience earns an average total compensation of $67,596 based on 575 salaries. In their late career (20 years and higher), employees earn an average total compensation of $71,720.
Pay Difference by Location
Employees with Underwriter in their job title in San Francisco, California earn an average of 35.1% more than the national average. These job titles also find higher than average salaries in New York, New York (22.5% more) and Hartford, Connecticut (3.8% more). The lowest salaries can be found in Columbus, Ohio (8.5% less), Atlanta, Georgia (6.7% less) and Dallas, Texas (1.1% less).
Years of Experience
This data is based on 3,183 survey responses.