Insurance underwriters
May 2005 employment and annual earnings distribution, wage and salary workers
Insurance Underwriters: Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
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.
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.
(from the Occupational Outlook Handbook: Insurance Underwriters)
See more recent statistics for employed workers below.
May 2005 employment and annual earnings distribution, wage and salary workers
National Occupational Employment and Earnings by Industry (NAICS sector and 3-digit industry group)
| Insurance underwriters | |||||
| Percentile earnings distribution | |||||
| 10th | 25th | 50th | 75th | 90th | |
| Information employment: 210 mean earnings: $57,630 (EC) (def) (IG) | $29,670 | $36,950 | $53,200 | $72,250 | $91,410 |
| Internet Service Providers, Web Search Portals, and Data Processing Service employment: 190 mean earnings: $56,250 | $29,030 | $35,590 | $51,400 | $71,140 | $91,060 |
| Finance and Insurance employment: 92,620 mean earnings: $56,890 (EC) (def) (IG) | $31,340 | $39,110 | $51,640 | $69,700 | $89,410 |
| Credit Intermediation and Related Activities employment: 5,470 mean earnings: $54,600 | $32,310 | $39,940 | $51,470 | $65,940 | $82,020 |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities employment: 720 mean earnings: $60,700 | $36,530 | $44,450 | $55,830 | $71,430 | $92,120 |
| Insurance Carriers and Related Activities employment: 85,370 mean earnings: $57,030 | $31,310 | $39,060 | $51,630 | $69,970 | $89,770 |
| Funds, Trusts, and Other Financial Vehicles employment: 1,060 mean earnings: $54,540 | $28,140 | $36,080 | $49,390 | $68,010 | $89,760 |
| Real Estate and Rental and Leasing employment: 40 mean earnings: $68,310 (EC) (def) (IG) | $39,860 | $52,580 | $68,520 | $85,090 | $97,940 |
| Real Estate employment: 40 mean earnings: $70,770 | $44,100 | $58,160 | $70,140 | $86,180 | $99,320 |
| Professional, Scientific, and Technical Services employment: n.a. mean earnings: $53,360 (EC) (def) (IG) | $31,700 | $40,310 | $50,710 | $56,900 | $84,380 |
| Professional, Scientific, and Technical Services employment: n.a. mean earnings: $53,360 | $31,700 | $40,310 | $50,710 | $56,900 | $84,380 |
| Management of Companies and Enterprises employment: 3,940 mean earnings: $50,200 (EC) (def) (IG) | $31,620 | $37,880 | $46,960 | $59,680 | $73,290 |
| Management of Companies and Enterprises employment: 3,940 mean earnings: $50,200 | $31,620 | $37,880 | $46,960 | $59,680 | $73,290 |
| Administrative and Support and Waste Management and Remediation Services employment: 660 mean earnings: $53,690 (EC) (def) (IG) | $31,690 | $38,190 | $47,110 | $62,160 | $85,960 |
| Administrative and Support Services employment: 660 mean earnings: $53,690 | $31,690 | $38,190 | $47,110 | $62,160 | $85,960 |
| Health Care and Social Assistance employment: 110 mean earnings: $51,790 (EC) (def) (IG) | $33,390 | $39,900 | $48,890 | $61,040 | $75,700 |
| Hospitals employment: 100 mean earnings: $51,640 | $33,730 | $40,180 | $49,150 | $60,890 | $74,340 |
| Other Services (except Public Administration) employment: 70 mean earnings: $50,720 (EC) (def) (IG) | $29,580 | $37,210 | $45,540 | $58,480 | $73,890 |
| Religious, Grantmaking, Civic, Professional, and Similar Organizations employment: 70 mean earnings: $50,720 | $29,580 | $37,210 | $45,540 | $58,480 | $73,890 |
| Federal, State, and Local Government (OES Designation) employment: 810 mean earnings: $45,200 (def) (IG) | $30,560 | $35,710 | $43,360 | $52,890 | $63,540 |
| Federal, State, and Local Government (OES Designation) employment: 810 mean earnings: $45,200 | $30,560 | $35,710 | $43,360 | $52,890 | $63,540 |
source: Occupational Employment Statistics Program; about these estimates
The (EC) links lead to data from the Economic Census from the Census Bureau.
The (def) links lead to 2002 NAICS industry definitions from the Census Bureau.
The (IG) links lead to Industry at a Glance industry profiles from the Bureau of Labor Statistics.