What This Job Pays: insurance underwriter

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June 11, 2007

What This Job Pays: insurance underwriter

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Pay: The average annual salary of an insurance underwriter in the Seattle area is about $50,150, with most making from $40,620 to $57,910, according to PayScale, a Seattle company that tracks compensation and benefits.

Demand: Employment of underwriters is expected to grow slower than average for all occupations through 2014, according to the U.S. Bureau of Labor Statistics.

Underwriting software will continue to make workers more productive; however, because computer software does not do away with the need for human skills, employment will increase as economic and population growth result in increased insurance needs by businesses and individuals.

Need to know: Underwriters identify and calculate the risk of loss from insurance policyholders, establish premium rates, and write policies that cover insurance companies' risk.

Most large insurance companies prefer college graduates with a degree in business administration or finance with courses in accounting; however, a bachelor's degree in any field – plus courses in business law and accounting — may be sufficient.

Most underwriters are based in a home or regional branch office, but they occasionally attend meetings away from home. Construction and marine underwriters frequently travel to inspect worksites and assess risks.

PayScale, U.S. Bureau of Labor Statistics

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