Insurance underwriters | Data USA (2024)

FAQs

Insurance underwriters | Data USA? ›

The workforce of Insurance underwriters in 2021 was 115,798 people, with 63.2% woman, and 36.8% men. The average age of male Insurance underwriters in the workforce is 41.1 and of female Insurance underwriters is 44.6, and the most common race/ethnicity for Insurance underwriters is White.

Underwriters are the main link between an insurance company and an insurance sales agent. Insurance underwriters use computer software to analyze risk for determining whether to approve an applicant.

Becoming an Underwriter with no experience is challenging, yet feasible. Underwriting requires analytical skills, attention to detail, and knowledge of risk assessment. To start, consider educational courses or certifications in finance, insurance, or risk management.

Aspiring underwriters can now find alternative pathways into the profession. While a degree can open doors and provide a competitive edge, especially at larger firms or in more specialized areas of underwriting, it is not an unequivocal requirement.

The U.S. Bureau of Labor Statistics (BLS) reports that underwriters make between $47,000 and $126,000 per year. On average, they earn $76,390 each year and get paid $36 per hour.

Underwriting income is the profit generated by an insurance company through its course of business. The difference between premiums collected on insurance policies and business expenses plus claims paid out is the underwriting income.

The first step to becoming an underwriter is to earn a bachelor's in accounting, finance or another related degree. If you already have a bachelor's degree, then a Master of Business Administration degree can take your underwriting skills even further and help you on the path to becoming a senior underwriter.

Yes, successful underwriters get paid well. The average pay for an underwriter in the United States is $113,351 per year. The amount an underwriter earns can vary depending on experience, level of education gained, and the industry.

How stressful is insurance underwriting? ›

Underwriters, charged with the critical task of assessing insurance risks and determining policy terms, often face the pressure of high-stakes decisions and tight deadlines. These elements can contribute to long hours and a work-centric lifestyle, especially during peak periods of renewals and policy reviews.

The workforce of Insurance underwriters in 2021 was 115,798 people, with 63.2% woman, and 36.8% men. The average age of male Insurance underwriters in the workforce is 41.1 and of female Insurance underwriters is 44.6, and the most common race/ethnicity for Insurance underwriters is White.

In addition to formal training, successful insurance underwriters tend to have strong analytical and decision-making skills. With any insurance application, underwriters need to carefully weigh the potential risks and profit, ultimately making the right coverage decision for all involved.

While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.

The average underwriter salary in the USA is $87,990 per year or $42.30 per hour. Entry level positions start at $63,305 per year while most experienced workers make up to $127,371 per year.

The underwriter reviews the application and determines if they have enough information to underwrite the submission. The underwriter may reach out to the broker to request additional information if required. The applicant may need to complete additional questionnaires related to policy extensions.