Insurance underwriters

Median annual earnings of insurance underwriters were $48,550 in May 2004. The middle 50 percent earned between $37,490 and $65,450 a year. The lowest 10 percent earned less than $30,410, while the highest 10 percent earned more than $86,110. Median annual earnings of underwriters working with insurance carriers were $49,280, while earnings of these in agencies, brokerages, and other insurance related activities were $46,750.

Insurance companies usually provide better-than-average benefits, including retirement plans and employer-financed group life and health insurance.

Insurance underwriters held about 101,000 jobs in 2004. Approximately 2 out of 3 underwriters work for insurance carriers. Most of the remaining underwriters work in insurance agencies or for organizations that offer insurance services to insurance companies and policyholders. A small number of underwriters work in agencies owned and operated by banks, mortgage companies, and real estate firms.

Most underwriters are based in the insurance company’s home office, but some, mainly in the property and casualty area, work out of regional branch offices of the insurance company. These underwriters usually have the authority to underwrite most risks and determine an appropriate rating without consulting the home office.

(from the Occupational Outlook Handbook: Insurance Underwriters)

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