How much does a Underwriting Manager make?
An Underwriting Manager plays a crucial role in the insurance industry, assessing risks and determining coverage. They often work in financial services and insurance companies. On average, an Underwriting Manager earns about $140,538 per year. This figure can change based on experience, location, and the specific company.
The salary range for Underwriting Managers can vary widely. Some earn as little as $59,500, while others can make over $239,000. Most managers fall somewhere in between, with salaries around $92,166 to $222,828. These figures show that with more experience and the right skills, Underwriting Managers can expect to earn a good income.
What are the highest paying cities for a Underwriting Manager?
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San Francisco, CA
Average Salary: $184,878
In San Francisco, a thriving tech hub, a manager oversees underwriting policies with a focus on tech startups and fintech firms. Companies like Google and Salesforce offer exciting opportunities. The city’s innovative environment drives dynamic underwriting practices.
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Los Angeles, CA
Average Salary: $177,209
Los Angeles provides a diverse market for underwriting professionals. With major firms in entertainment and real estate, a manager here analyzes risks and develops strategies. The presence of giants like Amazon and NBCUniversal makes this a bustling industry.
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Boston, MA
Average Salary: $175,416
Boston’s rich history in finance and education makes it a prime spot for underwriting managers. Working with institutions such as Fidelity and MassMutual, professionals here craft policies for a range of sectors. The academic influence ensures a deep understanding of risk management.
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Philadelphia, PA
Average Salary: $171,277
Philadelphia offers a balanced mix of industries, from healthcare to manufacturing, for underwriting managers. Leading companies like Independence Blue Cross and Comcast need skilled managers. The city’s evolving market provides ample growth opportunities.
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Chicago, IL
Average Salary: $170,657
Chicago’s large financial sector is a key player in underwriting. Managers here work with companies such as Allstate and CME Group. The city’s central location and diverse economy make it ideal for comprehensive risk assessment.
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Seattle, WA
Average Salary: $165,617
Seattle's thriving tech scene creates a unique environment for underwriting managers. With firms like Amazon and Microsoft, professionals here focus on tech and e-commerce risks. The city’s innovative atmosphere supports cutting-edge underwriting solutions.
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Dallas, TX
Average Salary: $163,574
Dallas is a hub for energy and finance, offering many opportunities for underwriting managers. Working with companies such as AT&T and ExxonMobil, they develop policies for diverse industries. The city’s growing economy ensures dynamic and varied challenges.
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Denver, CO
Average Salary: $161,738
Denver’s strong presence in aerospace and tech opens up promising roles for underwriting managers. Companies like Lockheed Martin and Vail Resorts look for skilled professionals. The city’s natural beauty and vibrant community add to the appeal.
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Atlanta, GA
Average Salary: $157,974
Atlanta is a major logistics and transportation center, creating varied opportunities for underwriting managers. Working with firms like Delta Air Lines and Coca-Cola, they manage diverse risks. The city’s economic growth offers constant new challenges.
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Washington, DC
Average Salary: $148,631
In Washington, D.C., underwriting managers work with government entities and major corporations. Companies like Fannie Mae and Leidos require sharp risk management skills. The city’s political and economic landscape adds depth to underwriting practices.
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What are the best companies a Underwriting Manager can work for?
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Liberty Mutual Insurance
Average Salary: $206,344
Liberty Mutual Insurance offers rewarding Underwriting Manager roles with competitive pay. This company operates across multiple locations, providing diverse opportunities. As an Underwriting Manager, you will lead a team of underwriters, setting policies and ensuring risk assessments are accurate. Locations include Boston, MA, and other key cities.
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Zurich Insurance
Average Salary: $180,310
Zurich Insurance provides high-paying positions for Underwriting Managers. They focus on delivering excellent customer service and risk management. Underwriting Managers at Zurich work in cities like New York, NY, and Chicago, IL. You will manage underwriting staff and develop strategies to manage risk effectively.
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AXA XL
Average Salary: $179,563
AXA XL offers attractive salaries for Underwriting Managers. This company emphasizes innovation in the insurance sector. Underwriting Managers here will supervise underwriting teams and ensure policies meet company standards. Locations include London, UK, and various US cities.
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AXA
Average Salary: $178,881
AXA provides competitive compensation for Underwriting Managers. They are a global leader in insurance and financial services. Underwriting Managers at AXA manage risk and oversee policy issuance. They operate in major cities like Paris, France, and New York, NY.
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Great American Insurance Group
Average Salary: $174,789
Great American Insurance Group offers strong salaries for Underwriting Managers. They focus on delivering comprehensive insurance solutions. As an Underwriting Manager, you will lead teams and ensure policies are risk-appropriate. Locations include Cincinnati, OH, and other strategic areas.
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The Cigna Group
Average Salary: $145,427
The Cigna Group provides good pay for Underwriting Managers. They emphasize health and well-being. Underwriting Managers here manage underwriting teams and ensure policies are accurate. Locations include Bloomfield, CT, and other important sites.
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Nationwide Mutual Insurance Company
Average Salary: $135,600
Nationwide Mutual Insurance Company offers solid compensation for Underwriting Managers. They focus on customer service and risk management. Underwriting Managers will lead teams and develop underwriting policies. Locations include Columbus, OH, and other key areas.
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U.S. Bank
Average Salary: $129,837
U.S. Bank provides competitive salaries for Underwriting Managers. They focus on banking and insurance solutions. Underwriting Managers will oversee underwriting staff and ensure policy accuracy. Locations include Minneapolis, MN, and other major cities.
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CVS Health
Average Salary: $109,571
CVS Health offers good pay for Underwriting Managers. They emphasize health care services. Underwriting Managers here will manage teams and ensure policies align with company goals. Locations include Woonsocket, RI, and other important sites.
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WCF Insurance
Average Salary: $59,815
WCF Insurance provides a decent salary for Underwriting Managers. They focus on property and casualty insurance. Underwriting Managers will oversee underwriting teams and ensure risk assessments are accurate. Locations include Boston, MA, and other key areas.
How to earn more as a Underwriting Manager?
Becoming an Underwriting Manager offers the chance to earn a competitive salary. With the right strategies, it is possible to earn even more in this role. Managers can increase their income by focusing on certain key factors. These factors can lead to higher earnings and greater job satisfaction.
One important factor is gaining relevant experience. As an Underwriting Manager, experience helps build credibility. It allows for better decision-making and risk assessment. Managers with more experience often command higher salaries. Another key factor is getting advanced certifications. Certifications like ACAS or CPCU can set a manager apart. They show a deep understanding of the field. This can lead to promotions and higher pay. Continuous education is also crucial. Attending workshops and seminars keeps skills sharp. It also shows a commitment to the profession.
Networking is another important factor. Building relationships with colleagues and industry leaders can open doors. These connections can lead to job opportunities that pay more. Lastly, taking on leadership roles within professional organizations can boost earnings. These roles often involve mentoring and teaching. They can enhance a manager's reputation and open up higher-paying positions.
Focusing on these factors can help an Underwriting Manager earn more. Experience, certifications, education, networking, and leadership all play key roles. By paying attention to these areas, managers can improve their chances of earning a higher salary.
- Gain relevant experience
- Get advanced certifications
- Continuous education
- Network with colleagues and industry leaders
- Take on leadership roles in professional organizations
