Insurance underwriters evaluate insurance applications and decide whether to provide coverage. They assess the risk of insuring a person or assets, determine appropriate coverage amounts, and set premiums based on risk analysis. Underwriters also ensure that policies comply with regulations and company guidelines.
This income data is sourced from the May 2023 Occupational Employment and Wage Statistics (OEWS) survey. The dataset is updated annually.
Annual Pay Distribution | Salary |
|---|---|
10th percentile | $49,260.00 |
25th percentile | $49,260.00 |
median (50th percentile) | $62,600.00 |
75th percentile | $75,490.00 |
90th percentile | $78,640.00 |
Hourly Pay Distribution | Hourly Rate |
|---|---|
10th percentile | $23.68 |
25th percentile | $23.68 |
median (50th percentile) | $30.10 |
75th percentile | $36.30 |
90th percentile | $37.81 |
Insurance Underwriters typically need a bachelor's degree in fields like finance, business, economics, or a related area for entry-level positions. Some employers may hire candidates with an associate degree or high school diploma coupled with relevant work experience, though this is less common. A strong understanding of mathematics, analytical skills, and knowledge of insurance principles are crucial for this role. Additionally, many insurance underwriters pursue industry certifications to enhance their job prospects and demonstrate expertise. Training for Insurance Underwriters often involves on-the-job learning where new hires receive guidance from experienced professionals to understand company policies, underwriting guidelines, and risk assessment processes. They learn how to evaluate insurance applications, assess risks, and make decisions regarding coverage and premiums. Training may also include familiarization with industry-specific software and tools used for underwriting purposes. Continuous education through workshops, seminars, and certification programs is essential to stay updated on industry trends and regulations.