Insurance underwriters

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Total Workforce

104k

Average Age

42.5

Estimated Job Growth

-5.28%

10-year projection

Average Salary

$74,870

Average Male Salary

$92,501

Average Female Salary

$65,185

About

Insurance underwriters are most often employed by the Insurance carriers & related activities industry. The average yearly wage for Insurance underwriters was $74,870 in 2016. The top 3 most similar occupations to Insurance underwriters by wage are Accountants & auditors, Network & computer systems administrators, and Insurance sales agents.

Insurance underwriters are part of the Business & financial operations occupations, along with Agents & business managers of artists, performers, & athletes, Buyers & purchasing agents, farm products, Wholesale & retail buyers, except farm products, Purchasing agents, except wholesale, retail, & farm products, Claims adjusters, appraisers, examiners, & investigators, Compliance officers, Cost estimators, Human resources workers, Logisticians, Management analysts, Meeting, convention, & event planners, Fundraisers, Compensation, benefits, & job analysis specialists, Training & development specialists, Market research analysts & marketing specialists, Business operations specialists, all other, Accountants & auditors, Appraisers & assessors of real estate, Budget analysts, Credit analysts, Financial analysts, Personal financial advisors, Insurance underwriters, Financial examiners, Credit counselors & loan officers, Tax examiners & collectors, & revenue agents, Tax preparers, and Other financial specialists

Employment

Information on the businesses and industries that employ Insurance underwriters and on wages and locations for those in the field. Insurance carriers & related activities is the industry that employs the most Insurance underwriters, both by share and by number, though the highest paid industry for Insurance underwriters, by average wage, is Real estate. Insurance underwriters are paid most in Naperville & Winfield (South) Townships PUMA, IL but are relatively concentrated in Frisco (West), The Colony & Little Elm Cities PUMA, TX.

Wages

Yearly Wage

$74,870

AVERAGE SALARY

± $4,560

In 2017, Insurance underwriters earned an average of $74,870, $22,805 more than than the average national salary of $52,065.

Accountants & auditors make somewhat more than Insurance underwriters while Insurance sales agents make somewhat less. This chart shows the various occupations closest to Insurance underwriters as measured by average annual salary in the US.

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Wage Distribution

0.336

WAGE GINI

In 2017, Insurance underwriters had a wage GINI coefficient of 0.336, which is lower than than the national average of 0.479. In other words, wages are distributed more evenly for Insurance underwriters (shown in red) than for the overall labor force (shown in gray).

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Wage by Location

This map shows the Public Use Microdata Areas (PUMAs) in the United States shaded by average annual wage for Insurance underwriters.

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Spatial Concentration

This map displays which Public Use Microdata Areas (PUMAs) in the United States have a relatively high population of Insurance underwriters.

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Industries

Most Common

The most common industries employing Insurance underwriters, by number of employees, are Insurance carriers & related activities, Nondepository credit & related activities, and Banking & related activities.

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Industries by Share

104k

2017 Workforce

± 7,928

-4.2%

1 YEAR GROWTH

± 11.1%

The number of people employed as Insurance underwriters has been declining at a rate of -4.2%, from 108,917 people in 2016 to 104,345 people in 2017.

This graphic shows the share of Insurance underwriters employed by various industries. Insurance carriers & related activities employs the largest share of Insurance underwriters at  88.2%, followed by Nondepository credit & related activities with 2.93% and Banking & related activities with 2.78%.

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Diversity

Demographic information on Insurance underwriters in the US. The average age of male Insurance underwriters in the workforce is 40.9 and of female Insurance underwriters is 43.3, and the most common race/ethnicity for Insurance underwriters is White.

Gender Composition

37k

MALE WORKFORCE

± 4,722

67.3k

FEMALE WORKFORCE

± 6,370

64.5% of Insurance underwriters are Female, making them the more common gender in the occupation. This chart shows the gender breakdown of Insurance underwriters.

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Race & Ethnicity

Most Common Race or Ethnicity of Insurance underwriters

  1. White

  2. Black

  3. Asian

81.2% of Insurance underwriters are White, making that the most common race or ethnicity in the occupation. Representing 9.46% of Insurance underwriters, Black is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Insurance underwriters.

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Age by Gender

40.9

AVERAGE MALE AGE

± 1.67

43.3

AVERAGE FEMALE AGE

± 1.14

The median age of Insurance underwriters is 42.5, and Male employees are generally 2.39 years younger than than their Female counterparts.

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Education

Data on higher education choices for Insurance underwriters from The Department of Education and Census Bureau. The most common major for Insurance underwriters is Business but a relatively high number of Insurance underwriters hold a major in Math & Statistics.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.

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Skills

Data on the critical and distinctive skills necessary for Insurance underwriters from the Bureau of Labor Statistics. Insurance underwriters need many skills, but most especially Active Listening, Judgment and Decision Making, and Reading Comprehension. The revealed comparative advantage (RCA) shows that Insurance underwriters need more than the average amount of Operations Analysis, Judgment and Decision Making, and Writing.

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Bar Chart

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Growth Projections

Projections on wages and job growth for Insurance underwriters from the Bureau of Labor Statistics. The ten-year national workforce is projected to grow 7.4%, but Insurance underwriters are expected to see a growth of -5.28% over the same period. This occupation is expected to grow slower than the national average.

Job Growth

-5.28%

ESTIMATED GROWTH

7.4%

NATIONAL AVERAGE

This line chart shows the 10-year projected employment growth (from 2016 to 2026) for Insurance underwriters. This profession is expected to grow lower than 7.4%, the average rate of national job growth.

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