How much do underwriters make in 2021?

How much money does a underwriter make? Underwriters: Key Features, The Work, Salary, Prospects 

What do underwriters do?

Underwriters analyze and evaluate financial and other technical data to determine whether or not the insurance company should issue a policy to an applicant. Underwriters generally handle either life, property and liability, or health insurance and often become specialists in a particular type of insurance within these categories. Underwriters have a great deal of responsibility because their decisions are not reviewed within the company and because an error in judgment could result in serious losses due to excessive insurance claims. 

Underwriter Career

For career changers who have a four year college degree and who enjoy analyzing financial data, entering the underwriting field tends to be fairly easy. With some years of experience and the required independent study, they may also expect to advance to more responsible positions, including underwriting manager and sometimes even senior managerial posts. 


How much do underwriters make? (2021)

Income advancement opportunities are fairly high and the underwriting field is expected to continue expanding at a better than average rate in the years to come. Underwriters with some experience average about $58,300 a year. Those who move up to supervisory posts may make as much as $75,600 and up. 

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The average salary for a underwriter in 2021

Annual Salary $55,400
Monthly Salary  $4,700
Weekly Salary $1,200
Hourly Salary  $25

Underwriter Requirements 

Entry Requirements in Prior Experience: 

Previous experience in analyzing financial data and estimating risks would be a plus, but is not usually required. Thus a career changer who has worked in such related fields as loan officer, credit manager, or real estate appraiser may have an advantage. 

Entry Requirements in Personal Qualities: 

Because underwriters must make important decisions on the basis of evaluating data, they should have a strong ability for working with mathematical and financial data. In addition, they should enjoy working with detailed information and be able to communicate well with others. 

Career: Insurance Underwriter


Entry Requirements in Training and Education: 

It is possible to get an entry level position as an underwriter trainee (at a smaller company) without a college degree, but applicants are most often required to have one. A degree in business administration or liberal arts is in some cases preferred, but a degree in almost any field is acceptable. Further advancement, however, depends significantly on successful completion of independent study courses in underwriting.

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