Insurance Underwriter salary in South Africa

Average Yearly Salary of Insurance Underwriter in South Africa is approximately 161,161 ZAR (8,029 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 Insurance Underwriter do?

An insurance underwriter is responsible for assessing and evaluating insurance applications to determine the level of risk involved and the appropriate premium to be charged. They analyze various factors such as the applicant's health, age, occupation, and lifestyle to calculate the likelihood of a claim being made. Underwriters use statistical models and actuarial data to make informed decisions and ensure that the insurance company remains profitable. They also review policy renewals, negotiate terms with brokers, and provide guidance on risk management strategies.

Skills: Insurance underwriter, Risk assessment, Premium calculation, Actuarial analysis, Policy renewal, Risk management.
Job industry: Insurance

How much does Insurance Underwriter make?

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


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Salary comparison to National average

Is Insurance Underwriter a well paid job?

Yes, our data shows that Insurance Underwriter is a well paid job. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Insurance Underwriter?

High salary for Insurance Underwriter would be somewhere between 177,277 ZAR and 233,683 ZAR. However this is an estimation based on Gaussian Distribution.

How much can you save working as Insurance Underwriter in South Africa?

Living in South Africa the approximate monthly expenses are: 271 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: 161,161 ZAR
Estimated Monthly Salary: 13,430 ZAR
Estimated Weekly Salary: 3,099 ZAR per week
Estimated Hourly Salary: 77 ZAR per hour
By working as Insurance Underwriter a person can save up to 398 USD per month or 4,775 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 South Africa, see costs of living in South Africa.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Namibia, Botswana, Zimbabwe, Mozambique, Eswatini, Lesotho.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Insurance Underwriter

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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