Average Underwriter Salary in South Africa

R247,469
Avg. SalaryShow Hourly Rate
R16,000
Bonus
R84,000
Commission
R8,930
Profit Sharing
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The average salary for an Underwriter in South Africa is R247,469.
10%
R127k
10%
R247k
50%
R416k
90%
90%
MEDIAN R247,469
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United States (change)
Salary
R127k - R416k
Bonus
R4k - R60k
Profit Sharing
R0 - R348k
Commission
R0 - R84k
Total Pay
R132k - R490k

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Job Description for Underwriter

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.

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.

Career Paths

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.
Underwriter
Senior Underwriter
Insurance Underwriter
Credit Risk Analyst
More common (> 20%)
Somewhat common (8 - 20%)
Less common (< 8%)

Underwriter Job Listings

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Popular Skills for Underwriter

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.
Early Career
44.8%
Mid Career
30.5%
Experienced
21.1%
Late Career
3.6%

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