Underwriting Analyst salary in Nigeria

Average Yearly Salary of Underwriting Analyst in Nigeria is approximately 4,319,244 NGN (5,155 USD). Data is for 2025 and indicates a pre-tax value. The salary itself depends on multiple factors such as seniority, job performance, certifications, experience or any other bonuses. The value indicated is an average amount based on records we have in database. Real values may vary. The data is for orientational purposes.

What does Underwriting Analyst do?

An underwriting analyst is responsible for assessing and evaluating insurance applications to determine the level of risk involved in providing coverage. They analyze various factors such as financial statements, credit history, and industry trends to make informed decisions on whether to approve or deny insurance policies. Underwriting analysts also calculate premiums based on risk assessment and ensure compliance with company guidelines and regulations. The job requires strong analytical skills and attention to detail, as well as the ability to effectively communicate findings and recommendations to other stakeholders. Underwriting analysts must stay updated on industry trends and regulations to accurately assess risk and make informed decisions. They work closely with underwriters, insurance agents, and clients to gather necessary information and provide support throughout the underwriting process.

Skills: underwriting analyst, risk assessment, insurance industry, financial analysis, compliance, decision-making.
Job industry: Insurance

How much does Underwriting Analyst make?

Difference in salary year over year or average salary increase is approximately 4 %


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Salary comparison to National average

Is Underwriting Analyst a well paid job?

Yes, our data show that Underwriting Analyst is an averagely well paid job that still allows for some yearly savings. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Underwriting Analyst?

High salary for Underwriting Analyst would be somewhere between 4,751,168 NGN and 6,262,904 NGN. However this is an estimation based on Gaussian Distribution.

How much can you save working as Underwriting Analyst in Nigeria?

Living in Nigeria the approximate monthly expenses are: 206 USD. This amount covers basic needs such as food, housing, clothing, healthcare and education costs for a single person. No luxury expenses such as traveling, leisure, hobbies are included in the estimation.

Estimated Yearly Salary: 4,319,244 NGN
Estimated Monthly Salary: 359,937 NGN
Estimated Weekly Salary: 83,062 NGN per week
Estimated Hourly Salary: 2,077 NGN per hour
By working as Underwriting Analyst a person can save up to 224 USD per month or 2,688 USD yearly. Values are pre-tax.

NOTE: These values are estimates and are averaged for the whole country. Furthermore the value is likely exaggerated as no other expenses are taken into account in the projection. Unessential expenses are very subjective and are difficult to assess. Most likely the previously estimated number is significantly lower for majority of people. Expenses in different cities across the country may vary. Above values accuracy is low and is based on limited set of data obtained.

For more information regarding expenses in Nigeria, see costs of living in Nigeria.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Niger, Chad, Cameroon, Benin.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Underwriting Analyst

Last revision of data: 2025-01-04

Salary increase per years of experience

Based on data available the salary increase per years of experience is as following

0 years (beginner) equals base salary

1 to 5 years of experience yields +12% salary increase

6 to 10 years of experience yields +25% salary increase

11 to 15 years of experience yields +16% salary increase

16 to 25 years of experience yields +9% salary increase

more than 25 years of experience yields +10% salary increase

NOTE: Details based on limited set of data. Percentages may vary. The salary increase over years of experience can vary widely based on factors such as job industry, job role, location, company size, and individual performance. To gain even larger increase in salary one is advised to switch jobs and / or employer.

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Data as of 2025

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