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The differences between property underwriters and insurance underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a property underwriter has an average salary of $71,730, which is higher than the $64,163 average annual salary of an insurance underwriter.
The top three skills for a property underwriter include CPCU, underwriting guidelines and insurance coverage. The most important skills for an insurance underwriter are health insurance, insurance underwriting, and insurance coverage.
| Property Underwriter | Insurance Underwriter | |
| Yearly salary | $71,730 | $64,163 |
| Hourly rate | $34.49 | $30.85 |
| Growth rate | -4% | -4% |
| Number of jobs | 11,643 | 39,026 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 67% |
| Average age | 44 | 44 |
| Years of experience | - | - |
Property Underwriters will require skills in underwriting guidelines, sales territories, CPCU, analysis, math, interpersonal communication, and a bachelor's degree in economics, business, accounting, finance, or mathematics for this career choice. Also, on-the-job training may be needed from senior underwriters and completion of certification programs. Paying an annual salary of $82K, those who choose this career will help determine coverage amounts and premiums on property. This may include houses, land, boats, cars, or other properties of sufficient value.
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.
Property underwriters and insurance underwriters have different pay scales, as shown below.
| Property Underwriter | Insurance Underwriter | |
| Average salary | $71,730 | $64,163 |
| Salary range | Between $45,000 And $111,000 | Between $35,000 And $116,000 |
| Highest paying City | Boston, MA | Hartford, CT |
| Highest paying state | Massachusetts | Connecticut |
| Best paying company | Chubb | Citi |
| Best paying industry | Finance | - |
There are a few differences between a property underwriter and an insurance underwriter in terms of educational background:
| Property Underwriter | Insurance Underwriter | |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between property underwriters' and insurance underwriters' demographics:
| Property Underwriter | Insurance Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 47.1% Female, 52.9% | Male, 33.4% Female, 66.6% |
| Race ratio | Black or African American, 9.7% Unknown, 2.5% Hispanic or Latino, 9.9% Asian, 5.7% White, 71.9% 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% |