Insurance Underwriter Salary: 7 Duties And Qualities

Insurance Underwriter Salary

This article discusses the career path of insurance underwriter salary and some other details, such as educational requirement, job duties, traits, and qualities.

Research shows that insurance underwriters’ employment is projected to decline by 5% from 2016 to 2026, with a loss of 5,400 in numbers.

The job is significant as they handle fundamental insurance matters like insurance, under what terms, and evaluating insurance applications. That’s why insurance underwriter salary is very vital.

Presently, the national mean of insurance underwriter salary is $76,880, which is noticeably higher than the U.S. average salary for all occupations, $51,960. More so, the insurance underwriter’s salary depends on where you work.

Job Duties

The duties of an insurance underwriter are specialists in a way that they help clients assess their risks. But they use the assessment to determine insurance premiums and payments.

They focus on whether or not insurance can be provided, and the underwriter will often have to review policy decisions within the company, especially if the findings are too complicated for the field agents.

They did determine the risks and, based on that, reject, accept, or change policy applications as appropriate.

Also, insurance underwriters help grow an insurance company’s business by finding new clients.

Some other job duties include:

  • Finding new businesses and clients based on profitability analyses
  • Checking existing policies, making sure they are fully compliant with internal guidelines, policies.
  • Analyzing renewals and new firms, claim history, data, outcome liability, and loss experience
  • They approve, submit, or pending premiums and coverage amounts.

Education Requirements

Being an insurance underwriter required bachelor’s degree as a minimum, with an unspecified major. The more experienced they get, the more they can work independently and the more complicated their work becomes.

here are many different certification options to choose from, including the:

  • Chartered Property and Casualty Underwriter (CPCU) offered by the American Institute for Chartered Property Casualty Underwriters for those with two years of experience
  • Associate in Commercial Underwriting (AU), provided by the Insurance Institute of America (IIA)
  • Associate in Personal Insurance (API), provided by the IIA
  • The Life Underwriter Training Council Fellow (LUTCF), offered by the National Association of Insurance and Financial Advisors
  • The Chartered Life Underwriter (CLU), provided by the American

Traits & Qualities

The most effective have the following traits to some degree or other:

  • Strong analytical skills
  • Excellent decision-making skills
  • Detail-oriented
  • Good interpersonal skills
  • Excellent mathematical skills

10 States Where Insurance Underwriters Salary is the Most Money

Insurance underwriter salary
Insurance underwriter salary

Insurance underwriters in New York earn the most money on average, with a mean annual wage of $96,570. Here’s a list of the top-10 states in order of the highest average incomes for insurance underwriters.

New York 0.5% $92,810

2 New Jersey -0.8% $88,510

3 California 22.1% $88,140

4 Connecticut -3.5% $85,010

5 Massachusetts 0.0% $82,540

6 Georgia 8.9% $81,290

7 New Hampshire 0.3% $81,280

8 Washington 6.7% $81,210

9 South Dakota 4.5% $78,370

10 North Carolina 0.1% $78,220

The states that pay insurance underwriters the least are a mix of states in the U.S. Census-designated South and West regions, with Vermont being the exception, located in the Northeast. 

National Salary

The national average salary estimate for Insurance Underwriter was $77,694. This number estimated from over 239,624 employees, user’s past and present job advertisements. This equates to an hourly salary of $40.47 and a monthly of $6,475.

Below is a table with a breakdown of the average annual salaries for insurance underwriters for all 50 states.

Top 8 National Employers

According to findings, the following states had employers looking to hire an Insurance Underwriter. The quoted salary figure represents the average salary from all job postings by this employer.

1 Symmetry Financial Group Insurance Underwriter California $157,521

2 Diedre Moire Insurance Underwriter Virginia $143,234

3 Crossroads Consulting Insurance Underwriter New York $133,373

4 Selby Jennings Insurance Underwriter Washington $122,573

5 The Life Agency Insurance Underwriter Texas $120,000

6 Network. Chicago Insurance Underwriter Illinois $108,658

7 CyberCoders Insurance Underwriter California $108,377

8 Network. Irving Insurance Underwriter Texas $107,248

Read more: How To Make Your Bookkeeping Paperless In 4 Steps

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