The average salary for an Underwriter is $58,258.
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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.
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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.
The Underwriting Process
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.
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 Hartford Financial Services Group, Inc., earning around $70,884 and $63,615, respectively. State Farm Insurance Company pays the lowest at around $52,781.
Cigna Corporation and Aetna, Inc. also pay on the lower end of the scale, paying $53,471 and $53,513, respectively.
Skills in Insurance, Risk Management / Risk Control, Loan Underwriting and Financial Analysis are correlated to pay that is above average.
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Skills that pay less than market rate include Customer Service.
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 $49,307 based on 310 salaries.
An early career Underwriter with 1-4 years of experience earns an average total compensation of $54,781 based on 1,738 salaries. A mid-career Underwriter with 5-9 years of experience earns an average total compensation of $63,041 based on 824 salaries.
An experienced Underwriter with 10-19 years of experience earns an average total compensation of $67,422 based on 651 salaries. In their late career (20 years and higher), employees earn an average total compensation of $71,499.
Employees with Underwriter in their job title in Los Angeles, California earn an average of 34.7% more than the national average.
These job titles also find higher than average salaries in New York, New York (20.2% more) and Chicago, Illinois (13.1% more).
The lowest salaries can be found in Phoenix, Arizona (6.5% less).