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The differences between marine underwriters and insurance underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a marine underwriter has an average salary of $77,871, which is higher than the $64,163 average annual salary of an insurance underwriter.
The top three skills for a marine underwriter include profitable business, risk analysis and loss ratio. The most important skills for an insurance underwriter are health insurance, insurance underwriting, and insurance coverage.
| Marine Underwriter | Insurance Underwriter | |
| Yearly salary | $77,871 | $64,163 |
| Hourly rate | $37.44 | $30.85 |
| Growth rate | -4% | -4% |
| Number of jobs | 16,546 | 39,026 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 67% |
| Average age | 44 | 44 |
| Years of experience | - | - |
A marine underwriter provides insurance cover to necessary clients. The responsibilities of this position include providing insurance for naval vessels such as boats and ships and providing valuation for a vessel or cargo. To provide this valuation, they weigh in the value of the freight, the price of the vessel, and the area where the vessel operates. The valuation will ensure a client is adequately covered in cases of unforeseen losses.
An insurance underwriter specializes in identifying and assessing financial risks in insurance policies. It is their duty to gather and review insurance applications, understand the coverage of policies and claims, determine a client's ability to uphold financial obligations by studying their personal information, and develop strategies to prevent the impact of risks and financial losses. They may also negotiate with external parties while adhering to the company's rules and regulations. Moreover, there are instances when an insurance underwriter must produce progress reports and presentations for managers and executives.
Marine underwriters and insurance underwriters have different pay scales, as shown below.
| Marine Underwriter | Insurance Underwriter | |
| Average salary | $77,871 | $64,163 |
| Salary range | Between $53,000 And $113,000 | Between $35,000 And $116,000 |
| Highest paying City | - | Hartford, CT |
| Highest paying state | - | Connecticut |
| Best paying company | - | Citi |
| Best paying industry | - | - |
There are a few differences between a marine underwriter and an insurance underwriter in terms of educational background:
| Marine Underwriter | Insurance Underwriter | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between marine underwriters' and insurance underwriters' demographics:
| Marine Underwriter | Insurance Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 59.5% Female, 40.5% | Male, 33.4% Female, 66.6% |
| Race ratio | Black or African American, 8.1% Unknown, 2.5% Hispanic or Latino, 10.5% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4% | Black or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 9.9% Asian, 5.7% White, 72.3% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |