Underwriter

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October 30, 2016

Jobs

Underwriter Job Description

Credit Analysts Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making. Insurance Underwriters Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

Underwriter Salary Statistics as of 2015

Average annual salary for a Underwriter is $52109 based on statistics in the U.S. as of 2015. The highest salary recorded was $78656. The lowest salary reported was $34879. These figures will vary on a state to state basis as these are averages across all 50 states.

Median hourly wage for a Underwriter is $16.055 based on statistics in the U.S. as of 2015. The highest hourly rate recorded was $22.11. The lowest hourly rate recorded was $10. These figures will vary on a state to state basis as these are averages across all 50 states.

Bonuses for a Underwriter are based on the years of experience using statistics from the U.S. as of 2015. The average bonus recorded was $4000 from people with 15+ years of experience. The average bonus recorded was $993 from people with under 1 year of experience.

These are the highest paying states for a Underwriter. These numbers are based off the median annual salary as of 2015.
California – $41,290 – $82,867
Florida – $34,493 – $68,499
Georgia – $38,424 – $77,350
Illinois – $43,094 – $85,588
New York – $34,982 – $89,730
Pennsylvania – $35,585 – $67,193
Texas – $36,215 – $72,367

These are the highest paying cities for a Underwriter. These numbers are based off the median annual salary as of 2015.
New York, New York –
Chicago, Illinois –
Atlanta, Georgia –
Dallas, Texas –
Los Angeles, California –
San Francisco, California –
Philadelphia, Pennsylvania –

This chart outlines the average annual salary of a Underwriter from the past 5 years. In 2015 the average annual salary was $52109 while in 2007 it was just $48324.97

Tasks

Underwriters use sophisticated programs to analyze insurance applications and to calculate and determine the risks involved. Technology is a big part of an underwriter’s job. This technology can recommend acceptance or denial and adjust the premium accordingly. After the underwriter can contest or support the decision. This technology allows underwriters to make quick sound decisions and reduce losses. Many insurance computer systems are linked to a variety of databases that give them immediate information that is necessary to determine a possible client’s risk. Having this type of access reduces the time it takes for an underwriter to complete an evaluation of risk.

Specialized Fields

While there are many lines of work in insurance many underwriters specialize in one of the following categories: property and casualty, mortgage, health and life. Underwriters that specialize in health or life may specialize even further in group or individual policies.

How To Become An Underwriter

Even though there are no formal training requirements to become an underwriter, the majority of large companies prefer to hire applicants that have a bachelor’s degree. Education and entry requirements differ greatly. Continuing education is required for advancement. Job opportunities are best for those with a strong background in finance and computer skills. For entry-level jobs employers prefer candidates who have a college degree in finance or business administration. A bachelor’s degree in addition to courses in business law and accounting will provide a strong background and may be sufficient to qualify for entry-level positions. In view of the fact that computers are a fundamental part of an underwriter’s job, it is beneficial to take some computer courses, as well.

Job Outlook

Gender Statistics

Related Jobs

52%

48%

Based on our stats gathered across the U.S. 52% of Underwriters were females while 48% were males. These numbers are based on averages across all states combined. Some individual states may have a much different ratio however.

Past Jobs

Customer Service Representative (CSR)
$19,504 – $41,566
Underwriting Assistant
$27,072 – $51,914
Mortgage Loan Processor
$23,965 – $49,134

Future Jobs

Senior Underwriter
$48,817 – $98,940
Loan Underwriter, Mortgage
$34,710 – $76,324
Insurance Underwriter
$30,625 – $73,996


Underwriter Jobs

 

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