The average salary for an Underwriter in South Africa is R247,469.
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R127k - R416k
R4k - R60k
R0 - R348k
R0 - R84k
R132k - R490k
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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. 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 Santam, Old Mutual South Africa and Mutual and Federal. Reported salaries are highest at Sanlam where the average pay is R289,355. Other companies that offer high salaries for this role include Santam, earning around R279,360. Old Mutual South Africa pays the lowest at around R192,000. Mutual and Federal also pays on the lower end of the scale, paying R239,662.
Explore the most common career paths for Underwriter. Thickness and color of lines indicates popularity of movement from one job to the next. Visit our career path planner to research other job paths.
More common (> 20%)
Somewhat common (8 - 20%)
Less common (< 8%)
Underwriter Job Listings
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Popular Skills for Underwriter
Risk Management / Risk Control
Skills in Risk Management / Risk Control are correlated to pay that is above average. Skills that pay less than market rate include Microsoft Excel, Data Analysis, Customer Service and Insurance.
Pay by Experience Level for Underwriter
An early career Underwriter with 1-4 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of R224,975 based on 125 salaries. A mid-career Underwriter with 5-9 years of experience earns an average total compensation of R282,999 based on 85 salaries. An experienced Underwriter with 10-19 years of experience earns an average total compensation of R282,955 based on 59 salaries. In their late career (20 years and higher), employees earn an average total compensation of R370,242.
Years of Experience
This data is based on 279 survey responses.