What insurance underwriters earn in 2025 

Commercial underwriters show the largest earning potential for underwriters nationally — as much as $170,000 or more in yearly salary for those with the most seniority, new data by Impact Recruitment shows. 

The P&C recruitment agency’s Insurance Salary Guide 2025 details pay ranges for underwriters and underwriting assistants. Salaries may vary per firm, and the findings are not inclusive of bonuses, commissions or other forms of compensation. 

Underwriters aiming for that upper band of pay should consider specialization, Impact’s report finds.  

“In underwriting, firms want leaders with expertise in complex risks such as cyber, environmental, construction, energy, and specialty lines,” the report reads.

And specialization is a critical advantage for underwriters striving for leadership roles.

“Hiring managers are moving away from generalist leadership candidates in favour of specialized executives,”  the report reads. “Leadership positions require expertise in their field, particularly in cyber insurance, environmental risk, and high-value commercial underwriting, as firms look for professionals who can navigate increasingly complex industry challenges.”

The report, in its third year, breaks down underwriting salaries by role, region and experience. 

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Underwriters

In the Greater Toronto Area, commercial underwriters can expect to earn the salary ranges below:  

• Juniors (entry-level to two years) can expect $60,000 to $80,000 in salary, 

• Intermediates (three to five years) can expect $80,000-$100,000 in salary, 

• Seniors (six or more years) can expect $100,000-$140,000 in salary, 

• Director or assistant/senior vice president level (10 or more years experience) can expect to earn between $140,000-170,000+ in salary. 

In Victoria, B.C., underwriters earn as follows: 

• $50,000-$65,000 (junior), $65,000-$80,000 (intermediate), $80,000-$120,000 (senior) 

In the Greater Vancouver Area, underwriters earn as follows: 

• $60,000-$70,000 (junior), $70,000-$85,000 (intermediate), $85,000-$140,000 (senior), $140,000-$170,000+ (director or AVP/SVP) 

Furthermore, surety or bonding underwriters near Vancouver can earn between $70,000-$85,000 as juniors, $85,000-$110,000 as intermediates, and $120,000+ as seniors. 

In Alberta, underwriters earn as follows, broken down per business line: 

• Commercial lines: $55,000-70,000 (junior), $80,000-$100,000 (intermediate), $100,000-$120,000 (senior), $140,000-$170,000+ (director), $170,000+ (AVP/SVP) 

• Personal lines: $50,000-$60,000 (junior), $60,000-$75,000 (intermediate), $75,000-$100,000 (senior) 

In Manitoba, underwriters earn as follows:  

• $55,000-$70,000 (junior), $70,000-$85,000 (intermediate), $85,000+ (senior) 

And in Quebec, underwriters earn:  

• $50,000-$70,000 (junior), $70,000-$100,000 (intermediate), $100,00-$140,000 (senior) 

Underwriting assistants 

Underwriting assistant salaries are only reported in B.C.: 

• Vancouver: $50,000-$55,000 (junior), $55,000-$60,000 (intermediate), $60,000-$65,000 (senior) 

• Victoria: $40,000-$50,000 (junior), $50,000-$55,000 (intermediate), $55,000-$60,000 (senior) 

However, salaries are increasingly aligning nationally, which means these compensation ranges could apply in other provinces as well. 

“Salary differences between provinces are narrowing as national firms implement standardized pay structures,” Impact reports.