Underwriter Starting Salary in Every State (2021)

Starting Salary For Underwriter (2021), Working Conditions, Training, Employment, Career and Nature of Work.

EMPLOYMENT OUTLOOK: 

Employment growth of insurance underwriters is expected to be slower than average in the decade ahead. The expected rise in the volume, complexity, and variety of insurance products will be offset by the trend toward self-insurance and the increased use of artificial intelligence. Jobs are projected to increase from 300,000 in 2020 to 520,000 by 2030. These are broken down into six groups of underwriters: fire, marine, and casualty insurance carriers (36%); insurance agents, brokers, and service personnel (32%); life insurance carriers (14%); pension funds and miscellaneous insurance carriers (3%); medical service and health insurance carriers (3%); and underwriters in other industries (11%)  


NATURE OF WORK: 

Underwriters appraise and choose the risks their company will insure. The underwriter must analyze information in insurance applications, reports from loss control consultants, medical reports, and actuarial studies then decide whether to issue a policy. They use computer programs to research and rate applications then recommend acceptance or denial of a risk. Most underwriters concentrate on one among three major categories of insurance life, property and casualty, or health also as group or individual policies..

WORKING CONDITIONS: 

Underwriters have desk jobs and offices are usually pleasant. Although some overtime could also be required, the traditional workweek is 35-40 hours. Some travel could also be required.

EDUCATION, TRAINING, QUALIFICATIONS: 

Many large insurance companies prefer college graduates who have a degree in business administration or finance with courses or experience in accounting. However, a degree in almost any field plus courses in business law and accounting provide an honest general background. Some companies hire persons without a university degree for underwriter trainee positions. Some highschool graduates who begin as underwriting clerks could also be trained as underwriters after they demonstrate a flair for the work.

EARNINGS: 

In 2020 the median annual earnings of full time wage and salary underwriters were $81,300. The bottom 10 percent earned less than $70,000; the top 10 percent earned more than $92,000.

A Day In The Life of an Underwriter


The Starting Salary For a Underwriter in Every State (2021)

-Alabama $58,184
-Alaska $61,295
-Arizona $55,169
-Arkansas $51,070
-California $63,226
-Colorado $65,300
-Connecticut $62,447
-Delaware $59,212
-Florida $60,269
-Georgia $56,154
-Hawaii $63,288
-Idaho $60,086
-Illinois $64,941
-Indiana $65,811
-Iowa $66,553
-Kansas $63,442
-Kentucky $63,020
-Louisiana $60,664
-Maine $60,722
-Maryland $60,987
-Massachusetts $63,472
-Michigan $59,608
-Minnesota $63,348
-Mississippi $59,793
-Missouri $63,774
-Montana $62,830
-Nebraska $61,864
-Nevada $63,997
-New Hampshire $68,602
-New Jersey $63,323
-New Mexico $57,065
-New York $63,192
-North Carolina $65,625
-North Dakota $68,958
-Ohio $65,170
-Oklahoma $62,969
-Oregon $67,094
-Pennsylvania $63,440
-Rhode Island $66,398
-South Carolina $63,184
-South Dakota $60,596
-Tennessee $60,034
-Texas $59,709
-Utah $55,551
-Vermont $64,098
-Virginia $64,750
-Washington $66,504
-West Virginia $57,257
-Wisconsin $62,471
-Wyoming $58,773

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