Average Insurance Underwriters Salary in the United States
The national median salary for Insurance Underwriters is $79,880 per year. The middle 50% earn between $63,070 and $104,820, with 107,820 workers employed nationally.
Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics survey, May 2024 estimates . Data covers 50 states and 142 metro areas.
Wage range
Pay distribution
Here is how Insurance Underwriters pay is distributed across workers nationally. The 10th percentile typically reflects entry-level or early-career pay, the median is the midpoint, and the 90th percentile represents the top earners in the field.
- 10th
- $51,640
- 25th
- $63,070
- Median
- $79,880
- 75th
- $104,820
- 90th
- $138,020
All values are percentiles of annual wages.
Pay is well above the national median for all US workers. This is an upper-income occupation.
Pay varies significantly across workers. Seniority, employer size, and specialization all move the needle, so it is normal for two insurance underwriters at different points in their careers to earn very different salaries.
BLS projections
Job outlook
BLS projects employment for insurance underwriters from 2024 to 2034. This occupation is projected to shrink. Workers may face more competition for fewer openings, and the role may see automation or consolidation pressure.
- Projected growth
- -2.6%
- -3,300 net jobs over the projection period.
- Annual openings
- 8,200
- Includes growth plus replacements for workers who leave.
- Typical entry education
- Bachelor's degree
- On-the-job training
- Moderate-term on-the-job training
A bachelor's degree is the typical entry requirement for insurance underwriters.
Where Insurance Underwriters earn the most
Location matters a lot. The gap between top-paying and bottom-paying states is large, so where insurance underwriters work can reshape their total compensation. Right now, the top-paying state is Vermont at $106,790, about 33.7% above the national median. At the metro level, Denver-Aurora-Centennial, CO leads with a median of $106,380.
By state
Top-paying states
| State | Median salary | Employment |
|---|---|---|
| Vermont | $106,790 | 240 |
| District of Columbia | $100,660 | 100 |
| Massachusetts | $100,050 | 3,440 |
| Colorado | $100,050 | 1,540 |
| Maine | $96,600 | 610 |
| New Hampshire | $96,100 | 320 |
| Connecticut | $95,460 | 2,670 |
| Washington | $95,310 | 2,000 |
By metro
Top-paying metros
| Metro area | Median salary | Employment |
|---|---|---|
| Denver-Aurora-Centennial, CO | $106,380 | 1,060 |
| Boston-Cambridge-Newton, MA-NH | $103,270 | 2,400 |
| Chicago-Naperville-Elgin, IL-IN | $98,860 | 4,620 |
| Seattle-Tacoma-Bellevue, WA | $98,500 | 1,330 |
| Hartford-West Hartford-East Hartford, CT | $98,400 | 1,820 |
| Las Vegas-Henderson-North Las Vegas, NV | $98,280 | 390 |
| Lexington-Fayette, KY | $98,160 | 150 |
| Appleton, WI | $96,890 | 80 |
Compare two locations side by side
Pick two states or metros to see insurance underwriters pay in each, along with a cost-of-living adjusted view.
Salary trend and related occupations
Between 2019 and 2024, the national median salary for Insurance Underwriters rose from $70,020 to $79,880, a gain of +14.1% in nominal dollars.
Over the same period, US consumer prices rose by +22.7%. Just to keep pace with inflation, the 2019 median of $70,020 would need to be worth $85,914 in 2024 dollars.
The actual 2024 median of $79,880 is −$6,034 below that inflation-adjusted benchmark, a real change of -7.0% in purchasing power.
Adjusted for inflation, pay has lost ground. Nominal growth of 14.1% has not kept up with rising prices.
- Nominal change
- +14.1%
- 2019–2024
- Cumulative inflation
- +22.7%
- US CPI, 2019–2024
- Real change
- -7.0%
- After adjusting for inflation
Annual history
Median salary over time
Insurance Underwriters median pay by year, going back through the available BLS releases.
- 2019
- $70,020
- 2020
- $71,790
- 2021
- $76,390
- 2022
- $76,230
- 2023
- $77,860
- 2024
- $79,880
Similar jobs
Related occupations
Other occupations in the same field, with median pay for comparison.
- Financial Specialists, All Other
- $80,190
- Credit Analysts
- $80,970
- Accountants And Auditors
- $81,680
- Loan Officers
- $74,180
- Budget Analysts
- $87,930
- Financial Examiners
- $90,400
Common salary questions for Insurance Underwriters
What does the median salary mean? +
The median is the midpoint of all wages. Half of Insurance Underwriters workers earn more and half earn less. It is a better measure of typical pay than the average, which can be skewed by very high or very low earners.
Why does pay vary so much by location? +
Local labor markets, cost of living, industry concentration, and employer competition all affect wages. High-cost metros like San Francisco and New York often pay more in nominal terms, though some of that premium is offset by higher living costs.
How current is this salary data? +
This page uses the May 2024 BLS Occupational Employment and Wage Statistics release. BLS publishes OEWS data once per year, typically in the spring for the previous May reference period.
What do the percentile ranges tell me? +
The 10th and 90th percentiles show the full pay band. The 25th to 75th percentile range, the middle 50%, is where most workers fall. A wide spread usually means experience, specialization, or location matter a lot for this occupation.