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In what I’ve seen it has more to do with excessive loyalty. Staying at the same employer for a long time almost always results in lower pay than those who move around some. I’m not saying there’s no gender pay gap in Underwroting, and I absolutely support efforts for salary equity, transparency and eliminating gender pay gaps. But in my experience both men and women who are loyal to one employer suffer an unfair salary penalty.
Yes, 2 years is long enough that you won’t have resume damage from making another move.
Depends on a lot of factors:
What type of underwriting?
How big is your book of business?
Are you a renewal underwriter? Production? Etc.
are you a specialist or just reviewing things that come through a portal?
What’s your book’s loss ratio?
Do you work personal or commercial?
Etc.
I’m a female. Sorry - thought that was a given with my response. Apologies.
$70/$80M in written premium that you handled alone? I’ve never seen anyone have that big of a book as an individual but if that’s what you had then yes, you are underpaid.
Average book size for most production underwriters is between $10M-$15M. National account is a little higher but you’d usually only have a couple of accounts. If you’re handling that much in written premium you’re def overworked and underpaid. But that’s just my 2 cents…
70-80% LR is kind of high though, most carriers assume 30-35% in overhead expenses so if that’s the case your book was running at a loss at roughly 100-115% combined. Not great and could certainly play into your compensation.
Hope this helps!
I know a girl who only has 2 YOE working on NF making about 80k/yr. Maybe it’s a mixture of your company and gender.
3 YOE 70K Female - commercial lines, my opinion is that new hires start with higher salaries to entice them to make the jump. With your experience, you probably could apply other places and get higher offers. I don’t see a gender gap where I am at- more of a when did you get hired on gap. But I do know different types of underwriters make more (as mentioned in post above).
It sounds like you may need to start looking to move companies because your current firm is under-paying you.
I’ve been with my current company a year and half, another commenter said 2 year mark would be more advisable before looking again, would you agree or disagree? Also what do you think is a fair compensation range for 7 YOE? Thanks!
I know this may be apples to oranges but I always thought UW might be a little higher salary than adjusting personal auto claims had been. My salary is around $70 and was $64 before I changed employers recently. 5 YOE and female. I think it may be the company. Reside in NC so COL isn’t that high either and I’m still making this much.
Even without details on book size/performance I’d say that’s underpaid in Dallas. I work on the E&S wholesale side in Dallas and was at 77k at 5 YOE before I went to full performance based. But the carrier side may be totally different!
Sorry, forgot to add I’m male and I agree it sounds like a combination of a gender gap and low starting salary contributing to smaller salary increases.