What Insurance Underwriters do
The U.S. Department of Labor's O*NET database describes the work of Insurance Underwriters this way: "Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications."
The core tasks O*NET records for this occupation include: "Decline excessive risks"; "Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies"; "Evaluate possibility of losses due to catastrophe or excessive insurance"; "Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe, profitable distribution of risks, using reference materials"; "Review company records to determine amount of insurance in force on single risk or group of closely related risks".
Education, experience and training
According to the BLS Employment Projections, the typical education needed to enter this occupation is bachelor's degree. Typical on-the-job training to reach competency is moderate-term on-the-job training.
Job outlook for Insurance Underwriters
The Bureau of Labor Statistics counted 125,600 jobs in this occupation in 2025 and projects 120,800 in 2035, a decrease of 4,800 jobs (-3.8%). That is slower than the 3.5% projected for all occupations.
About 6,800 openings a year are projected on average, counting both new positions and positions vacated by workers who retire or switch occupations. Relative to today's employment that is 5.4% a year, against 10.3% for all occupations. BLS lists a national median annual wage of $81,370, compared with $50,980 for all occupations.
Where Insurance Underwriters earn the most
Across the 2 states with published data, the employment-weighted average of local median wages for this occupation ranges from $94,334 in New Jersey to $96,992 in New York, a gap of $2,658 (1.03 times). 2 of those 2 states average above the BLS national median of $81,370 and 0 average at or below it.
New Jersey employs the most people in this occupation among the states covered, 9,720, which is 54.7% of the 17,770 counted across them. New York follows with 8,050.
Highest-paying states
New York ($96,992) and New Jersey ($94,334) lead the ranking, while New Jersey ($94,334) and New York ($96,992) are at the bottom. The table below lists every state with a link to its county-level detail.
Occupations related to Insurance Underwriters
Financial Risk Specialists, Personal Financial Advisors and Financial and Investment Analysts belong to the same detailed SOC group. Other occupations in the same SOC minor group (13-2000) include Financial Examiners, Credit Analysts, Accountants and Auditors and Loan Officers.
Frequently asked questions about Insurance Underwriters
How much do Insurance Underwriters earn in the United States?
BLS lists a national median annual wage of $81,370. Across the states covered here the average local median ranges from $94,334 to $96,992.
Which state pays Insurance Underwriters the most?
New York, with an employment-weighted average local median wage of $96,992. New Jersey is next at $94,334.
Is Insurance Underwriters a growing occupation?
BLS projects employment to shrink by 3.8% between 2025 and 2035, compared with 3.5% for all occupations, with about 6,800 openings a year.
What education do Insurance Underwriters need?
The typical entry-level education is bachelor's degree and moderate-term on-the-job training, according to BLS.