Insurance underwriters

Detailed Occupation

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2020 Workforce

112k

Average Age

43.3

Estimated Job Growth

−6.19%

10-year projection

Average Salary

$79,954

Average Male Salary

$97,650

Average Female Salary

$69,888

About

Insurance underwriters are most often employed by the Insurance carriers industry. The average yearly wage for Insurance underwriters was $79,954 in 2016. The top 3 most similar occupations to Insurance underwriters by wage are Landscape architects, Other financial clerks, and Network and computer systems administrators.

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, and 24 more.

The top 3 locations that employ the most Insurance underwriters are McLean County PUMA, IL, Hartford County (North) PUMA, CT, and Forsyth County PUMA, GA. The top 3 locations with a relatively high concentration of Insurance underwriters are Hamilton & Fairfield Cities PUMA, OH, McLean County PUMA, IL, and Glastonbury, Newington, Wethersfield, Rocky Hill & Marlborough Towns PUMA, CT.

Employment

Information on the businesses and industries that employ Insurance underwriters and on wages and locations for those in the field. Insurance carriers 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 Lessors of real estate, and offices of real estate agents and brokers. Insurance underwriters are paid most in Stratford, Shelton, Trumbull, Newtown & Monroe Towns PUMA, CT but are relatively concentrated in Hamilton & Fairfield Cities PUMA, OH.

Yearly Wage

$79,954

AVERAGE SALARY

± $4,872

In 2020, Insurance underwriters earned an average of $79,954, $24,001 more than than the average national salary of $55,954.

Landscape architects make somewhat more than Insurance underwriters while Other financial clerks make somewhat less. This chart shows the various occupations closest to Insurance underwriters as measured by average annual salary in the US.

Wage Distribution

0.324

WAGE GINI

In 2015, Insurance underwriters had a wage GINI coefficient of 0.324, which is lower than than the national average of 0.478. In other words, wages are distributed more evenly for Insurance underwriters (shown in red) than for the overall labor force (shown in gray).

Wage by Location

HIGHEST PAYING PUMAS

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

Spatial Concentration

PUMAs with a Relatively High Concentration of Insurance underwriters

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

Most Common

The most common industries employing Insurance underwriters, by number of employees, are Insurance carriers, Agencies, brokerages, and other insurance related activities, Banking & related activities, Nondepository credit & related activities, Securities, commodities, funds, trusts & other financial investments, Lessors of real estate, and offices of real estate agents and brokers, General medical and surgical hospitals, and specialty (except psychiatric and substance abuse) hospitals, Car Dealers, Employment services, Administration of economic programs & space research, and Management, scientific & technical consulting services.

Highest Paying

The highest paying industries for Insurance underwriters, by average wage, are Lessors of real estate, and offices of real estate agents and brokers, Administration of environmental quality & housing programs, and Banking & related activities.

Industries by Share

112k

2020 Workforce

± 8,220

1.94%

1 YEAR GROWTH

± 10.2%

The number of people employed as Insurance underwriters has been growing at a rate of 1.94%, from 110,052 people in 2019 to 112,191 people in 2020.

This graphic shows the share of Insurance underwriters employed by various industries. Insurance carriers employs the largest share of Insurance underwriters at 73.2%, followed by Agencies, brokerages, and other insurance related activities with 15.4% and Banking & related activities with 2.52%.

Diversity

Demographic information on Insurance underwriters in the US. The average age of male Insurance underwriters in the workforce is 41.2 and of female Insurance underwriters is 44.5, and the most common race/ethnicity for Insurance underwriters is White (Non-Hispanic).

Composition by Sex

40.7k

MALE WORKFORCE

± 4,951

71.5k

FEMALE WORKFORCE

± 6,564

63.7% of Insurance underwriters are Female, making them the more common sex in the occupation. This chart shows the sex breakdown of Insurance underwriters.

Race & Ethnicity

Most Common Race or Ethnicity of Insurance underwriters

White (Non-Hispanic)
Black (Non-Hispanic)
White (Hispanic)

74.1% of Insurance underwriters are White (Non-Hispanic), making that the most common race or ethnicity in the occupation. Representing 10.5% of Insurance underwriters, Black (Non-Hispanic) is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Insurance underwriters.

Age by Sex

41.2

AVERAGE MALE AGE

± 1.59

44.5

AVERAGE FEMALE AGE

± 1.13

The median age of Insurance underwriters is 43.3, and Male employees are generally 3.29 years younger than than their Female counterparts.

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.

MOST COMMON MAJORS

MOST SPECIALIZED MAJORS

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, Critical Thinking, and Reading Comprehension. The revealed comparative advantage (RCA) shows that Insurance underwriters need more than the average amount of Writing, Mathematics, and Judgment and Decision Making.

Radar Distribution

Bar Chart

Projections

Projections on job growth for Insurance Underwriters from the Bureau of Labor Statistics. The 10-year national workforce is projected to grow 3.71%, but Insurance Underwriters are expected to see a growth of −6.19% over the same period. This occupation is expected to grow less than the national average.

Job Growth

−6.19%

Estimated Job Growth

10-year Projection

3.71%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Insurance Underwriters. This profession is expected to grow less than than 3.71%, the average rate of national job growth.