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Insurance Underwriters


Overview

Introduction

Insurance underwriters review individual applications for insurance coverage to evaluate the degree of risk involved. They decide whether the insurance company should accept an applicant, and, if the applicant is accepted, underwriters determine the premium that the policyholder will be charged. There are approximately 110,400 underwriters employed in the United States.

Quick Facts


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Median Salary

$70,020

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Employment Prospects

Poor

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Minimum Education Level

Bachelor's Degree


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Experience

Internship
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Skills

Business Management
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Personality Traits

Conventional
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Earnings

According to the U.S. Department of Labor, the median annual salary for underwriters was $70,020 in May 2019. At the low end of the scale, 10 percent of underwriters earned less than $42,360 per year. The top 10 percent earned $124,320 or more. Experience, certification, and position within the company are all factors influencing salary levels. In addition, most insurance companies...

Work Environment

Underwriters generally work at a desk in pleasant offices; their jobs entail no unusual physical activity, although at times they may have to work under stressful conditions. The normal workweek is 40 hours; overtime may be required from time to time. Occasionally, underwriters may travel away from home to attend meetings or continuing education classes.

Outlook

The U.S. Department of Labor predicts that employment for underwriters will decline by 5 percent through 2028. The increasing use of underwriting software programs has made workers more productive (reducing the need for these professionals), but underwriters will still be needed to evaluate automated recommendations (especially in complex or specific fields, such as marine insurance). There wil...