How Much Do Insurance Underwriters Make in 2021 (including Starting Salary)

Stan T.Career, SalaryLeave a Comment

Annual Salary, Salary Range, and Highest Paying States and Industries

Insurance Underwriters

Insurance Underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

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Bachelor's degree
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Table of contents
  1. Average salary
  2. Starting salary
  3. Salary rank
  4. Salary range
  5. Highest paying states
  6. Highest paying industries

Average salary

Annual salary
$80390 per year
Hourly wage
$39 per hour

Starting salary

Entry-level annual salary
$43,210 to $54,850 per year
Entry-level hourly wage
$21 to $26 per hour

Entry-level Insurance Underwriters with little to no experience can expect to make anywhere between $43,210 to $54,850 per year or $21 to $26 per hour. Similar to any other job, their salary will increase as they gain experience.

Salary rank

Salary rank

We wanted to make it easy for our readers to compare the salary of Insurance Underwriters to all the other careers out there. So we created Salary Rank. We compared the salary of all careers then we gave them a rank of A, B, C, or D depending on where their average salary sit in comparison to other careers.

Salary range

Level Hourly Annual
Highest (Top 10%) $62 $129,550
Senior (Top 25%) $47 $97,820
Middle (Mid 50%) $35 $71,790
Junior (Bottom 25%) $26 $54,850
No experience (Bottom 10%) $21 $43,210

Highest paying states

State Hourly Annual
NY $50 $104,230
DC $48 $99,560
MA $46 $94,880
CT $43 $90,030
CO $43 $88,940
DE $43 $88,860
KS $43 $88,560
NJ $41 $86,000
WA $41 $85,610
CA $41 $84,610

Another simple way to increase your salary as an Insurance Underwriter is to move to a higher paying state. However moving to a higher paying state like NY doesn’t guarantee that you will make more because the expenses at NY might be much higher than where you are currently living at right now.

According to BLS, the highest paid Insurance Underwriters are in the states of NY, DC, MA, CT and CO.

Highest paying industries

Salary by industry Annual Hourly
Securities, Commodity Contracts, and Other Financial Investments and Related Activities $100770 $48.45
Accounting, Tax Preparation, Bookkeeping, and Payroll Services $88060 $42.34
Office Administrative Services $86690 $41.68
Insurance and Employee Benefit Funds $85410 $41.06
Legal Services $84960 $40.85
Insurance Carriers $81590 $39.22
Nondepository Credit Intermediation $80990 $38.94
Management, Scientific, and Technical Consulting Services $79910 $38.42
Agencies, Brokerages, and Other Insurance Related Activities $79240 $38.10
Credit Intermediation and Related Activities $76850 $36.95
Business, Professional, Labor, Political, and Similar Organizations $76210 $36.64
Management of Companies and Enterprises $74770 $35.95
Employment Services $72160 $34.69
Local Government $72000 $34.61
State Government $67630 $32.51

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