Insurance Underwriters Salary 2017: How Much Money Do They Make

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hourly pay for Insurance Underwriters
do Insurance Underwriters make a lot of money

Insurance Underwriters

Other names for this job might include Account Underwriter, Automobile and Property Underwriter, Bond Underwriter, Commercial Lines Underwriter, Commercial Underwriter, Customer Service Representative, Health Underwriter, Insurance Analyst, Insurance Underwriter, Insurance Writer


  • $75480
    Salary
  • 70%
    Job satisfaction
  • Quite Hard
    Becoming one
  • Bad
    Job growth
OwlGuru Rank

B



How Much Successful Insurance Underwriters Make In 2017


In this salary guide, you will find out how much do Insurance Underwriters make.

After reading this, you will be able to make a decision if working as an Insurance Underwriter will suit your financial goals (e.g: buying a home, BMW or just your target salary goal).



Average salary

Annual salary
$75480 per year

Hourly wage
$36.290 per hour


1 of the most popular questions we get from our readers here at OwlGuru is how much do Insurance Underwriters make per year and what is their hourly wage.

According to BLS, the average annual salary of Insurance Underwriters is $75480. Their salary can also be as low as $40160 if you’re still a newbie with no experience to over $121430 if you have a ton of experience under your belt.

The typical hourly pay is $36.290 and can range from $19.310 to $58.380 which also depends if you’re a newbie or a professional.

Just like any other job, the salary of An Insurance Underwriter will vary based on your education and experience level.

# = Over $100 per hour or $200,000 per year.
Salary rank
B

We wanted to make it easy for our readers to compare the salary of An Insurance Underwriter to all the other careers out there. So we created Salary Rank.

This compares the salary of all careers and we give them a rank of A, B, C or D depending on how high or low is their average salary.

After comparing how much do Insurance Underwriters make with other careers, they have a salary rank of B.



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Salary range

LevelHourlyYearly
Highest (Top 10%)$58.380$121430
Senior (Top 25%)$44.120$91780
Middle (Mid 50%)$32.540$67680
Junior (Bottom 25%)$24.660$51290
No experience (Bottom 10%)$19.310$40160


Entry-level Insurance Underwriters who starts out at $51290 can expect to make $67680 after 3-5 years of experience in the field.

The bottom 10% makes less than $19.310 per hour while the top 10% makes over $58.380 per hour.

While the median wage is $67680 per annum or $32.540 per hour.

Depending on who you work for, you might also get overtime pay.

# = Over $100 per hour or $200,000 per year.


Highest paying industries

Industry nameHourly wageAnnual salary
Securities and Commodity Contracts Intermediation and Brokerage45.7895230
Wholesale Trade42.9789380
Securities, Commodity Contracts, and Other Financial Investments and Related Activities39.0681240
Office Administrative Services37.6778350
Local Government, excluding schools and hospitals35.9774820
Local government, including schools and hospitals35.9774820
Management, Scientific, and Technical Consulting Services35.674040
Insurance and Employee Benefit Funds35.5273890
Other Nondepository Credit Intermediation35.4673760
Other Insurance Related Activities35.1673120
Funds, Trusts, and Other Financial Vehicles35.1373070
Nondepository Credit Intermediation35.0572910
Professional, Scientific, and Technical Services35.0672910
Health Care and Social Assistance (including private, state, and local government hospitals)34.3371400
Credit Intermediation and Related Activities34.1671060
Finance and Insurance34.0570820
Insurance Carriers33.9670640
Insurance Carriers and Related Activities33.9670630
Agencies, Brokerages, and Other Insurance Related Activities33.9470600
All industries, private ownership only33.9470590
All industries33.9370570
Other Financial Investment Activities33.8870480
Other Services (except Federal, State, and Local Government)33.5369740
Religious, Grantmaking, Civic, Professional, and Similar Organizations33.5369740
Business, Professional, Labor, Political, and Similar Organizations33.5369740
Insurance Agencies and Brokerages33.4769620
Activities Related to Credit Intermediation33.3869430
Direct Insurance (except Life, Health, and Medical) Carriers33.3769410
Depository Credit Intermediation32.5367670
Federal, state, and local government, including government owned schools and hospitals, and the US Postal Service31.8566250
Federal, State, and Local Government31.8466220
Federal, State, and Local Government, excluding state and local schools and hospitals, and the US Postal Service31.8466220
Management of Companies and Enterprises31.7966120
Sector 56- Administrative and Support and Waste Management and Remediation Services31.4465400
Administrative and Support Services31.4465400
State government, including schools and hospitals30.6363710
State Government, excluding schools and hospitals30.6163680
Employment Services29.7161800
Real Estate and Rental and Leasing29.0660450
Real Estate23.1948230

Not all industries pay the same for Insurance Underwriters.

1 of the easiest way to increase your salary is to change industries and find a higher paying one.



Highest paying states

StateHourlyAnnual
NY$44.42$92380
NJ$42.9$89230
CT$42.36$88120
DC$40.51$84260
MA$39.69$82550
NH$38.97$81050
NC$37.58$78170
MD$36.67$76280
AZ$36.63$76190
WA$36.6$76130

Another simple way to boost your pay as An Insurance Underwriter is to move to a higher paying state. However moving to a higher paying state like NY doesn’t mean you will make more overall. This is because the expenses at NY may be 2x higher than where you are currently living at right now.

According to the BLS, the highest paid / most successful Insurance Underwriters are in the states of NY, NJ, CT, DC and MA. The average salary in NY is $92380.



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Insurance Underwriters salary, how much do Insurance Underwriters earn, Insurance Underwriters hourly wage, Insurance Underwriters annual pay, highest paying industries for Insurance Underwriters, which states pay the highest for Insurance Underwriters

Additional resources

http://www.bls.gov/OOH/business-and-financial/insurance-underwriters.htm
http://www.iii.org/
http://www.theamericancollege.edu/
http://www.naifa.org/

OwlGuru.com
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Insurance Underwriters
Written by: Stanley Tan
Insurance Underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
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