How much does a Underwriting Manager make?
Underwriting Managers play a crucial role in financial services. They decide which risks to accept or reject. Their work helps businesses and individuals get the coverage they need. This job often pays well. The average Underwriting Manager earns about $140,657 each year. This figure can vary based on experience, location, and the size of the company.
People in this role see a range of salaries. Some earn as little as $59,500, while others make over $240,000. This wide range shows the potential for growth. Those with more experience or in certain areas might earn more. For example, managers in large cities or in top companies often see higher salaries. The data also shows that top earners make more than twice the average salary.
What are the highest paying cities for a Underwriting Manager?
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San Francisco, CA
Average Salary: $189,127
In San Francisco, underwriting professionals work in a bustling tech and finance hub. This city offers numerous opportunities for those in the field, with companies like Goldman Sachs and Charles Schwab leading the way. The dynamic environment provides growth and innovative challenges.
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Philadelphia, PA
Average Salary: $177,584
Philadelphia offers a mix of historical charm and modern opportunities for underwriting managers. Companies like Vanguard and Comcast-Xfinity are prominent here. Professionals find a supportive community that values experience and expertise.
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Los Angeles, CA
Average Salary: $176,776
Los Angeles is a vibrant city for underwriting managers, with major corporations such as JPMorgan Chase and State Farm. The diverse market offers a chance to handle a wide range of insurance needs. The city’s energetic atmosphere fuels career growth and innovation.
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Chicago, IL
Average Salary: $170,868
Chicago's underwriting scene is rich with opportunities, particularly at firms like Allstate and Willis Towers Watson. The city's strong financial sector creates a robust environment for underwriting managers. Professionals here benefit from a blend of tradition and cutting-edge practices.
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Seattle, WA
Average Salary: $169,833
Seattle offers a unique blend of nature and industry for underwriting managers. Companies like Microsoft and Amazon provide exciting challenges. The city's focus on technology and innovation creates a dynamic workplace for those in underwriting.
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Boston, MA
Average Salary: $169,621
Boston's underwriting managers often work with financial giants like State Street and Liberty Mutual. The city's rich history and academic institutions contribute to a well-rounded professional environment. It’s an excellent place for those seeking stability and growth.
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Denver, CO
Average Salary: $165,774
Denver presents a great opportunity for underwriting managers with companies like Nationwide and Liberty Mutual. The city’s outdoor lifestyle complements the professional environment. It offers a balanced approach to work and personal life.
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Dallas, TX
Average Salary: $164,822
In Dallas, underwriting managers can find roles with major firms such as AT&T and State Farm. The city's strong business community supports career advancement. Dallas combines a friendly environment with ample opportunities for growth.
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Atlanta, GA
Average Salary: $161,959
Atlanta is home to key companies like Aflac and SunTrust. The city's growing economy offers many opportunities for underwriting managers. Atlanta’s diverse industries make it an exciting place to develop and excel in underwriting.
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Washington, DC
Average Salary: $150,368
Washington, DC, offers a unique setting for underwriting managers with firms like MetLife and Fidelity National. The city’s political and financial influence provides a distinctive backdrop for professionals. It’s a place where policy and practice intersect.
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What are the best companies a Underwriting Manager can work for?
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Liberty Mutual Insurance
Average Salary: $206,341
Liberty Mutual Insurance is a global insurance company. Underwriting Managers assess and manage insurance risk. They work in locations such as Boston, New York, and San Francisco. This role involves analyzing risks and making decisions to ensure profitability.
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AXA
Average Salary: $182,412
AXA offers insurance and asset management. Underwriting Managers here evaluate and manage risk for insurance products. They operate in cities like Paris, London, and New York. The job involves assessing potential insurance risks and making decisions to protect the company's financial interests.
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Zurich Insurance
Average Salary: $181,355
Zurich Insurance is a global leader in general insurance. Underwriting Managers here handle insurance risk assessment. They work in locations such as Zurich, London, and New York. They evaluate potential clients' risks and decide on coverage terms.
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Great American Insurance Group
Average Salary: $179,941
Great American Insurance Group offers life and health insurance. Underwriting Managers assess risks for insurance products. They work in cities like Cincinnati, New York, and San Francisco. This role requires analyzing risk and making decisions to ensure the company's success.
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The Cigna Group
Average Salary: $145,427
The Cigna Group provides health insurance. Underwriting Managers evaluate and manage insurance risks. They operate in locations such as Bloomfield, Connecticut, and Philadelphia. They assess potential risks and make decisions to protect the company.
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Markel Corporation
Average Salary: $136,106
Markel Corporation offers specialty insurance. Underwriting Managers assess and manage insurance risks. They work in cities like Richmond, Virginia, and New York. This role involves analyzing risks and making decisions to ensure profitability.
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Nationwide Mutual Insurance Company
Average Salary: $135,077
Nationwide Mutual Insurance Company provides various insurance products. Underwriting Managers evaluate and manage insurance risks. They work in cities like Columbus, Ohio, and New York. They assess potential risks and make decisions to protect the company.
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U.S. Bank
Average Salary: $127,911
U.S. Bank offers banking and financial services. Underwriting Managers here assess and manage insurance risks. They operate in cities like Minneapolis, San Francisco, and New York. They analyze risks and make decisions to protect the company.
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CVS Health
Average Salary: $109,500
CVS Health provides health care services. Underwriting Managers assess and manage insurance risks. They work in locations like Woonsocket, Rhode Island, and Hartford, Connecticut. This role involves analyzing risks and making decisions to ensure the company's success.
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WCF Insurance
Average Salary: $60,268
WCF Insurance offers various insurance products. Underwriting Managers here evaluate and manage insurance risks. They work in cities like Baltimore, Maryland, and New York. They assess potential risks and make decisions to protect the company.
How to earn more as a Underwriting Manager?
Aspiring Underwriting Managers can increase their earnings by focusing on key factors that enhance their skills and marketability. One important factor is gaining advanced certifications. Earning credentials such as Chartered Property Casualty Underwriter (CPCU) or Associate in Risk Management (ARM) can lead to higher pay and more job opportunities. Another factor is building a strong professional network. Networking can open doors to better positions and salary negotiations.
Professional experience also plays a critical role. Gaining more years of experience in underwriting and risk assessment can lead to higher-paying positions. Additionally, managing large teams and complex underwriting tasks can command higher salaries. Working in high-demand industries such as health insurance or finance can also lead to better pay. Finally, staying updated with industry trends and technology can improve efficiency and earnings potential. Underwriting Managers who embrace new tools and methods can offer greater value to their employers.
By focusing on these factors, Underwriting Managers can increase their earning potential. Advanced certifications, a strong network, relevant experience, and staying current with industry trends are all steps towards achieving higher pay.
- Gain advanced certifications (CPCU, ARM)
- Build a strong professional network
- Gain more years of underwriting experience
- Manage large teams and complex tasks
- Work in high-demand industries (health insurance, finance)
