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2020 Insurance Underwriters Salary Guide

Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

Insurance Underwriters Salary

Salary

$70K

Growth

-5%

Bright Outlook

Below Average

Green

No

Insurance Underwriters Job Description

Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

Also known as:

Underwriting Consultant, Underwriting Director, Underwriting Manager, Commercial Lines Underwriter, Health Underwriter, Life Underwriter, Personal Lines Underwriter, Account Underwriter, Underwriter, Automobile and Property Underwriter

How Much Do Insurance Underwriters Make ? 2020

Percentile 10% 25% 50% (Median) 75% 90%
Annual Wage $42,360 $53,510 $70,020 $94,390 $124,320
Hourly Wage $20.37 $25.72 $33.67 $45.38 $59.77

How Much Do Insurance Underwriters Make ? 2020

Percentile
10%
25%
50% (Median)
75%
90%
Annual Wage
$42,360
$53,510
$70,020
$94,390
$124,320
Hourly Wage
$20.37
$25.72
$33.67
$45.38
$59.77

Insurance Underwriters Tasks

  • Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
  • Decline excessive risks.
  • Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
  • Evaluate possibility of losses due to catastrophe or excessive insurance.
  • Review company records to determine amount of insurance in force on single risk or group of closely related risks.
  • Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe, profitable distribution of risks, using reference materials.
  • Authorize reinsurance of policy when risk is high.

What Activities Do Insurance Underwriters Do?

  • Analyze health-related data.
  • Assess financial status of clients.
  • Authorize financial actions.
  • Explain regulations, policies, or procedures.
  • Assess risks to business operations.
  • Verify accuracy of records.
  • Authorize financial actions.
  • Authorize financial actions.

Typical Insurance Underwriters Knowledge?

  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

What Are Typical Insurance Underwriters Abilities?

  • Written Comprehension - Reading and understanding what is written.
  • Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
  • Written Expression - Communicating by writing.
  • Oral Expression - Communicating by speaking.
  • Oral Comprehension - Listening and understanding what people say.
  • Deductive Reasoning - Using rules to solve problems.
  • Problem Sensitivity - Noticing when problems happen.
  • Speech Clarity - Speaking clearly.

What Are Typical Insurance Underwriters Skills? 2020

  • Reading Comprehension - Reading work-related information.
  • Writing - Writing things for co-workers or customers.
  • Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
  • Active Listening - Listening to others, not interrupting, and asking good questions.
  • Speaking - Talking to others.
  • Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.

What Are Typical Insurance Underwriters Interests?

  • Conventional - Occupations related to Conventional interests frequently involve following set procedures and routines. They include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
  • Enterprising - Occupations with Enterprising interests frequently involve starting up and carrying out projects. Many involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Investigative - Occupations with Investigative interests frequently involve working with ideas, and require an extensive amount of thinking. They often involve research and figuring out problems mentally.

What Is The Projected Employment For Insurance Underwriters ? 2020

Location 2018 Employment 2028 Employment Percent change Annual projected job openings
United States 110,400 105,000 -5% 8,400

What Is The Projected Employment For Insurance Underwriters ? 2020

Location
2018 Employment
2028 Employment
Percent change
Annual projected job openings
United States
110,400
105,000
-5%
8,400

What Is The Required Insurance Underwriters Education & Experience? 2020

  • Bachelor's degree
  • No work experience
  • 1 to 12 months on-the-job training

Insurance Underwriters Schools ?

School Program Name Location Length / Graduates
American College of Financial Services Insurance Bryn Mawr, PA Less than one year: 727
Anderson University Actuarial Science Anderson, SC 4 years: 1
Appalachian State University Insurance Boone, NC 4 years: 48
Appalachian State University Actuarial Science Boone, NC 4 years: 13
Arcadia University Actuarial Science Glenside, PA 4 years: 13
Arizona State University-Tempe Actuarial Science Tempe, AZ 4 years: 8
Less than one year: 5
Ashland University Actuarial Science Ashland, OH 4 years: 0
Assumption College Actuarial Science Worcester, MA 4 years: 1
Aurora University Actuarial Science Aurora, IL 4 years: 6
Ball State University Insurance Muncie, IN 4 years: 23

Insurance Underwriters Schools ?

School
Program Name
Location
Length / Graduates
Insurance
Bryn Mawr, PA
Less than one year: 727
Actuarial Science
Anderson, SC
4 years: 1
Insurance
Boone, NC
4 years: 48
Actuarial Science
Boone, NC
4 years: 13
Actuarial Science
Glenside, PA
4 years: 13
Actuarial Science
Tempe, AZ
4 years: 8
Less than one year: 5
Actuarial Science
Ashland, OH
4 years: 0
Actuarial Science
Worcester, MA
4 years: 1
Actuarial Science
Aurora, IL
4 years: 6
Insurance
Muncie, IN
4 years: 23

Insurance Underwriters Jobs Near Me .

Job Title Company Location Date Posted Federal Contractor

Insurance Underwriters Jobs Near Me .

Insurance Underwriters 2020 Salary Guide By State

Common Careers