Insurance Sales Agents vs Insurance Underwriters salary

According to the US Bureau of Labor Statistics, the average annual salary for Insurance Sales Agents is $69,340, while the average annual salary for Insurance Underwriters is $79,940. This means that Insurance Underwriters earn a higher salary than Insurance Sales Agents.

However, it's worth noting that the amount of pay an employee receives can be influenced by factors like location, experience, and the specific setting in which they work. As an example, Insurance Sales Agents who work in Washington DC (with an average salary of $100,050) may earn more than those who work in Utah ($50,850). To provide another example, the average salary of Insurance Underwriters in Washington DC is 131% higher than those in West Virginia.

Insurance Sales Agents vs Insurance Underwriters overview

Insurance Sales Agents and Insurance Underwriters are two important roles in the Insurance Carriers industry. There is a common interest in understanding the differences between these job titles, as well as the average salaries for each.

Insurance Sales Agent job description

Insurance Sales Agents sell life, property, casualty, health, automotive, or other types of insurance. May refer clients to independent brokers, work as an independent broker, or be employed by an insurance company.

Insurance Sales Agent education and experience

39% of Insurance Sales Agents hold a Bachelor's Degree, 16% hold an Associate's Degree, and 15% have a High School Diploma. With regard to experience, 43% of Insurance Sales Agent occupations do not require any previous experience. A smaller number of roles (14%) require a previous experience of less than 1 month.

Insurance Sales Agent average salary

The US Bureau of Labor Statistics has reported that the United States had a workforce of 422,600 Insurance Sales Agents in 2021 and on average, they earned $69,340 per year. The lowest earning 10 percent made $29,970 or less, and the highest earning 10 percent made $126,510 or more per year. Compared to the previous year, the mean salary has gone up by 0.3%.

Do Insurance Sales Agents make good money?

The mean salary of Insurance Sales Agents is 19% above the average salary in the United States ($58,260). In contrast, they make 10% less than the mean earnings of the Insurance Carriers industry ($76,810).

The mean salary of Insurance Sales Agents is 19% above the average salary in the United States ($58,260).

Insurance Sales Agents job growth

In 2021, there have been 12,650 more Insurance Sales Agent roles than the previous year across the nation, and that marks a growth of 3.1%. Job growth has averaged 2.4% over the past 3 years.

Insurance Underwriter job description

Insurance Underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

Insurance Underwriter education and experience

The majority of Insurance Underwriters (70%) have obtained a Bachelor's Degree. However, among employees in this occupation, there are also some with a High School Diploma (10%) and an Associate's Degree (10%). When it comes to experience, 40% of Insurance Underwriter jobs do not require any previous experience. A smaller percentage of jobs (27%) require a previous experience of 2 to 4 years.

Insurance Underwriter average salary

According to data from the US Bureau of Labor Statistics, the United States had a workforce of 107,690 Insurance Underwriters in 2021 and the mean income they earned annually was $79,940. The lowest earning 10 percent made $47,330 or less, and the highest earning 10 percent made $126,380 or more per year. Compared to the previous year, the average salary has declined by 0.6%.

Do Insurance Underwriters make good money?

The average salary of Insurance Underwriters is 37% higher than the average wage in the United States ($58,260). In contrast, they earn 4% more than the average wage of the Insurance Carriers industry ($76,810).

The average salary of Insurance Underwriters is 37% higher than the average wage in the United States ($58,260).

Insurance Underwriters job growth

Insurance Underwriters have seen growth in employment over the past two years. In 2021, there have been 5,900 more positions than the previous year nationwide, which marks a rise of 5.8%. Over the past 3 years, job growth has averaged 3.9%.

FAQ

Do Insurance Sales Agents or Insurance Underwriters make more?

The average earnings of Insurance Underwriters are 15% higher than those of Insurance Sales Agents. The average annual pay for Insurance Sales Agents is $69,340, compared to $79,940 for Insurance Underwriters.