Insurance Underwriters in Puerto Rico
Want to work as an Insurance Underwriters in Puerto Rico? Here’s what you need to know. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
What do Insurance Underwriters Make in Puerto Rico?
For insurance underwriters working in Puerto Rico, the typical annual salary is $39,210 per year (or roughly $18.85/hour).Earnings range from $22,380 at the 10th percentile to $67,430 at the 90th percentile.
| Wage Statistic | Annual | Hourly |
|---|---|---|
| 10th percentile | $22,380 | $10.76 |
| 25th percentile | $28,960 | $13.92 |
| Median (50th) | $39,210 | $18.85 |
| 75th percentile | $49,910 | $24.00 |
| 90th percentile | $67,430 | $32.42 |
Location quotient — how concentrated this career is in Puerto Rico relative to the national average — is 1.22, meaning that insurance underwriters are more concentrated here than the national average.
National Wage Comparison
Nationally, insurance underwriters earn a median of $129,939 per year ($62.47/hour), below the Puerto Rico median.
Employment Outlook
There are roughly 57,540 insurance underwriters across the United States. In Puerto Rico alone, about 800 people work in this role. That’s below the typical state, which employs around 1,100 insurance underwriters.
Top Puerto Rico Metros for Insurance Underwriters
The metro areas below employ the most insurance underwriters in Puerto Rico.
| Metro Area | Number Employed | Annual Median Salary |
|---|---|---|
| San Juan-Bayamon-Caguas, PR | 770 | $39,440 |
Top States for Insurance Underwriters Employment
View the states that employ the most insurance underwriters work.
| State | Number Employed |
|---|---|
| Illinois | 8,480 |
| Texas | 8,150 |
| New York | 7,530 |
| Florida | 7,430 |
| California | 7,300 |
| Georgia | 6,310 |
| Pennsylvania | 5,910 |
| Ohio | 5,630 |
| Wisconsin | 3,440 |
| Massachusetts | 3,440 |
| Arizona | 3,300 |
| North Carolina | 3,230 |
| New Jersey | 3,170 |
| Virginia | 2,910 |
| Connecticut | 2,670 |
| Minnesota | 2,670 |
| Michigan | 2,550 |
| Washington | 2,000 |
| Missouri | 1,910 |
| Iowa | 1,730 |
Highest-Paying States for Insurance Underwriters
Where insurance underwriters earn the most: insurance underwriters.
| State | Annual Median Salary |
|---|---|
| Vermont | $106,790 |
| District of Columbia | $100,660 |
| Massachusetts | $100,050 |
| Colorado | $100,050 |
| Maine | $96,600 |
| New Hampshire | $96,100 |
| Connecticut | $95,460 |
| Washington | $95,310 |
| New Jersey | $93,500 |
| Maryland | $88,820 |
Skills
Key insurance underwriters skills, rated on an importance scale of 0 to 5:
Knowledge Areas
Important knowledge areas for this occupation, rated on an importance scale of 0 to 5:
Abilities
The abilities that matter most for insurance underwriters, rated on an importance scale of 0 to 5:
Daily Tasks
Common tasks include:
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
- 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.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
- 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.
- Authorize reinsurance of policy when risk is high.
Work Activities
- Getting Information
- Making Decisions and Solving Problems
- Analyzing Data or Information
- Working with Computers
- Establishing and Maintaining Interpersonal Relationships
- Processing Information
- Communicating with People Outside the Organization
- Organizing, Planning, and Prioritizing Work
- Communicating with Supervisors, Peers, or Subordinates
- Evaluating Information to Determine Compliance with Standards
- Updating and Using Relevant Knowledge
- Documenting/Recording Information
Tools & Technology
Common tools and software used in this occupation include: Hot technologies: C++ In-demand technologies: Microsoft Excel
What Major Will Prepare You For This Career?
Several college majors map to this occupation:
- Insurance
- Management Sciences & Methods
- Business Administration & Management
- Finance & Financial Management
Featured schools near , edit
Related Careers
Other careers like insurance underwriters include:
- Financial Managers
- Investment Fund Managers
- Claims Adjusters, Examiners, and Investigators
- Accountants and Auditors
- Appraisers and Assessors of Real Estate
- Credit Analysts
Also Known As
Account Manager Underwriter, Account Underwriter, Automobile and Property Underwriter, Bond Underwriter, Casualty Underwriter, Commercial Credit Underwriter, Commercial Insurance Underwriter, Commercial Lines Underwriter, Commercial Underwriter, Credit Underwriter, Direct Endorsement Underwriter (DE Underwriter), Excess Casualty Underwriter, Field Underwriter, Group Underwriting Consultant, Health Underwriter.
References
- U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics — https://www.bls.gov/oes/
- O*NET Online — https://www.onetonline.org/
- BLS Employment Projections — https://www.bls.gov/emp/
- O*NET-SOC code: 13-2053.00
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