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The national median salary for Insurance Underwriters is $79,872 per year ($38.40/hr) according to the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2024. The middle 50% of earners make between $63,066 and $104,832 annually. Top earners at the 90th percentile reach $138,029 per year. There are approximately 107,820 insurance underwriters employed in the United States.
About This Role
BLS Standard Occupational Classification 2018
Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Career Outlook
BLS Employment Projections · 2024-2034
10-year growth
-2.6%
Slower than average
Annual openings
8K
per year, on avg
Workforce today
127K
as of 2024
Why those openings exist
0% from new growth100% from people leaving the role
Most openings come from replacement, not growth. Retention matters more than recruiting here.
Typical entry requirements
Education
Bachelor's degree
Experience
None
On-the-job training
Moderate-term on-the-job training
Industry Wage Breakdown
Top 5 industries by employment · median annual wage, sector-specific
Industry
Workforce
Median Pay
Insurance Carriers
NAICS 524100
62K
$80,040
Agencies, Brokerages, and Other Insurance Related Activities
NAICS 524200
37K
$79,410
Management of Companies and Enterprises
NAICS 551100
3K
$78,490
Credit Intermediation and Related Activities (5221 and 5223 only)
NAICS 5220A1
570
$88,630
Nondepository Credit Intermediation
NAICS 522200
550
$90,800
Wage range across top 5 industries: $78,490 to $90,800 (16% spread)
Wage Percentiles
Hourly & annualized (2,080 hours)
Percentile
Hourly Rate
Annual Salary
P10
$24.83
$51,646
P25
$30.32
$63,066
P50MEDIAN
$38.40
$79,872
P75
$50.40
$104,832
P90
$66.36
$138,029
Market Context Signal
JOLTS · finance sector
Hot
Openings Rate
6.0%
Quits Rate
1.2%
Finance and Insurance openings surged to 428K (+98K) in March, pushing the openings rate to 6.0% -- the highest in any major sector. Quits ticked up to 1.2%. Demand for finance talent has reaccelerated sharply.
Frequently Asked Questions
What is the average insurance underwriters salary?
The national median salary for Insurance Underwriters is $79,872 per year ($38.40/hr) according to BLS OEWS May 2024 data. The middle 50% earn between $63,066 and $104,832 annually.
How much do top-earning insurance underwriters make?
The 90th percentile salary for Insurance Underwriters is $138,029 per year ($66.36/hr). The 75th percentile is $104,832 per year.
What is the entry-level salary for insurance underwriters?
Entry-level Insurance Underwriters (10th percentile) earn approximately $51,646 per year ($24.83/hr). The 25th percentile is $63,066 per year.
Wage figures on this page come from the U.S. Bureau of Labor Statistics (BLS) Occupational Employment & Wage Statistics (OEWS) survey, May 2024 release. OEWS surveys roughly 1.1 million establishments annually. It is the most comprehensive employer-reported wage dataset in the United States.
P10 through P90 percentiles represent the wage distribution across all surveyed employers (not self-reported by workers). Geographic adjustments use BLS-derived cost multipliers calibrated from regional wage variation.
Wages are estimates. Individual compensation depends on experience, education, employer size, industry, and negotiation. Use this as benchmark context, not absolute ground truth.
CompSignal is a free labor market intelligence tool built for HR, compensation, and talent acquisition teams. We make BLS data, the same primary source Mercer and Radford cross-reference in their paid surveys, searchable and actionable without an enterprise subscription.
Built and maintained by Falcon Incentives, a compensation strategy and incentive design consultancy.