How much does a Underwriting Manager make?
Underwriting managers play a key role in insurance and finance companies. They ensure that the company's risks are well assessed and controlled. People in this role typically earn a good salary. The average yearly salary for an underwriting manager is around $142,172. This figure varies based on experience and location.
The salary range for underwriting managers can be quite broad. At the lower end, some managers earn around $60,580 per year. This is usually for those just starting in the field or in smaller companies. At the higher end, experienced managers in large firms can earn upwards of $239,161 annually. These top earners often have years of experience and a strong track record in risk assessment and management.
What are the highest paying cities for a Underwriting Manager?
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San Francisco, CA
Average Salary: $183,169
In San Francisco, a hub for finance and tech, underwriting managers lead dynamic teams. They focus on diverse insurance needs and high-risk environments. Companies like Goldman Sachs and Uber offer exciting opportunities in this competitive market.
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Los Angeles, CA
Average Salary: $177,719
Los Angeles brings a unique blend of industries for underwriting managers. They manage risks across sectors like entertainment and technology. Firms such as Amazon and Disney provide varied and stimulating work environments.
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Chicago, IL
Average Salary: $170,528
Chicago's rich insurance history makes it a prime location for underwriting managers. They navigate complex markets and work with companies like Allstate and Chicago Title Insurance. The city offers a mix of traditional and innovative opportunities.
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Philadelphia, PA
Average Salary: $170,170
Philadelphia's vibrant business scene offers many roles for underwriting managers. They handle risks for a range of industries, including healthcare and manufacturing. Companies like Independence Blue Cross and Aramark provide solid platforms for career growth.
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Boston, MA
Average Salary: $170,071
Boston's prestigious universities and financial institutions create a fertile ground for underwriting managers. They lead teams in evaluating risks for diverse sectors. Working with firms like Fidelity Investments and Liberty Mutual offers a mix of tradition and innovation.
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Dallas, TX
Average Salary: $166,682
Dallas, a key player in the energy sector, offers many opportunities for underwriting managers. They manage risks for businesses in oil and tech. Companies like AT&T and ExxonMobil provide stable environments and growth potential.
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Seattle, WA
Average Salary: $165,359
Seattle's tech-driven economy offers exciting opportunities for underwriting managers. They work with innovative companies like Amazon and Microsoft, focusing on tech-related risks. The city's growing market requires dynamic and adaptive skills.
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Denver, CO
Average Salary: $159,739
In Denver, underwriting managers thrive in a mix of tech startups and established firms. They handle risks for diverse industries, including aerospace and outdoor recreation. Companies like Southwest Airlines and Denver Health Medical Center offer varied and exciting roles.
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Atlanta, GA
Average Salary: $158,349
Atlanta's growing business environment offers many opportunities for underwriting managers. They manage risks for a diverse range of industries. Firms like Delta Air Lines and The Home Depot provide a mix of stability and innovation.
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Washington, DC
Average Salary: $148,631
Washington, DC, offers underwriting managers a unique blend of political and corporate environments. They manage risks for a variety of sectors, including government and finance. Companies like Fannie Mae and Freddie Mac provide a stable and stimulating work setting.
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What are the best companies a Underwriting Manager can work for?
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Liberty Mutual Insurance
Average Salary: $208,118
Liberty Mutual Insurance offers Underwriting Manager jobs that involve overseeing underwriting policies. They operate in various locations including Boston, MA, and Hartford, CT.
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AXA
Average Salary: $182,218
At AXA, Underwriting Managers handle the evaluation of insurance risks. They have offices in New York, NY, and Paris, France.
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AXA XL
Average Salary: $179,519
AXA XL provides Underwriting Manager roles focusing on risk assessment. They are located in Boston, MA, and London, UK.
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Zurich Insurance
Average Salary: $177,339
Zurich Insurance has Underwriting Manager jobs that involve managing underwriting strategies. They operate in Chicago, IL, and Zurich, Switzerland.
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Wells Fargo
Average Salary: $173,789
Wells Fargo offers Underwriting Manager positions that focus on insurance policies. They have locations in San Francisco, CA, and Charlotte, NC.
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Great American Insurance Group
Average Salary: $167,318
Great American Insurance Group provides Underwriting Manager roles that involve policy evaluation. They operate in Cincinnati, OH, and Jacksonville, FL.
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U.S. Bank
Average Salary: $138,772
U.S. Bank offers Underwriting Manager jobs that involve overseeing financial risks. They have offices in Minneapolis, MN, and San Antonio, TX.
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Nationwide Mutual Insurance Company
Average Salary: $135,600
Nationwide Mutual Insurance Company provides Underwriting Manager roles that involve evaluating insurance needs. They operate in Columbus, OH, and Phoenix, AZ.
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CVS Health
Average Salary: $110,116
CVS Health offers Underwriting Manager jobs that involve managing health insurance policies. They have offices in Woonsocket, RI, and Hartford, CT.
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WCF Insurance
Average Salary: $61,095
WCF Insurance provides Underwriting Manager roles that involve assessing and managing insurance risks. They operate in Boston, MA, and San Diego, CA.
How to earn more as a Underwriting Manager?
As an Underwriting Manager, increasing your earnings involves a mix of skills and strategies. One key factor is gaining more experience in the industry. Those with more years of experience often command higher salaries. Seeking out additional responsibilities or projects can help build this experience. Another important factor is developing strong analytical skills. Underwriting Managers need to assess risk accurately. Good analytical skills can lead to better decision-making and increased efficiency. Continuing education and professional development also play a role. Earning relevant certifications can improve your qualifications. Staying updated with industry trends keeps you competitive.
Networking is another key strategy. Building a strong professional network can lead to better job opportunities and higher salaries. Attending industry conferences and joining professional organizations can be very beneficial. Finally, consider negotiating salary. Knowing your worth and the market value of your skills can help in salary discussions. Researching average salaries for similar roles in your area can provide a good starting point for negotiations.
- Experience: Gaining more years of experience in underwriting.
- Analytical Skills: Developing strong skills to assess risk accurately.
- Continuous Education: Earning relevant certifications and staying updated with industry trends.
- Networking: Building a strong professional network through conferences and organizations.
- Salary Negotiation: Knowing your worth and market value to negotiate effectively.
