How much P&C insurance underwriters earn in Canada
Senior-level underwriters in Canada may earn as much as $130,000 or more in yearly salary, new research by Impact Recruitment shows.
The P&C recruitment agency’s 2024 Insurance Salary Guide details pay ranges for underwriters and their assistants and breaks down compensation per province and level of experience, though it may vary per firm.
Although underwriters are generally paid a flat salary (unlike the often commission-based brokers), the research is not inclusive of bonuses, commissions or other forms of compensation.
In Toronto and the surrounding area, senior underwriters (those with six or more years of experience) can expect to earn between $85,000 to $130,000 in salary. Intermediate underwriters (three to five years) can expect $65,000 to $85,000 and junior underwriters (two years or fewer) can expect $55,000 to $65,000.
“Ontario’s Greater Toronto Area (GTA) is experiencing a dynamic job market characterized by candidates nearing salary demand ceilings in certain sectors,” Impact writes of its GTA findings. “Despite this, there’s a discernible trend of robust salary growth, particularly in underwriting and niche positions.”
In Alberta, underwriters are seeing similar, if not slightly higher salary bands than their Ontario counterparts. And salary bands for underwriters in Quebec mirror those of Alberta.
A senior underwriter in Alberta may earn between $90,000 to $130,000 in salary, while intermediates earn $70,000 to $90,000 and juniors earn $55,000 to $70,000.
But underwriters in the Greater Vancouver area and Victoria, B.C. are reportedly earning slightly less than their counterparts in other provinces. It breaks down like this: $75,000 to $110,000 or more for seniors, $60,000 to $75,000 for intermediates and $50,000 to $60,000 for juniors.
Underwriters in Manitoba earn $75,000 to $100,000 as seniors, $60,000 to $75,000 as intermediates and $50,000 to $60,000 as juniors.
Hiring is ambitious for underwriters in Manitoba, Impact writes. But “while there’s a strong propensity for hiring, particularly in underwriting roles, the market remains relatively static due to salary limitations and ongoing challenges in candidate availability.”
The report also breaks down salary ranges for underwriting assistants based on their experience level (though the role tends to be a stepping-stone to underwriting positions).
In Toronto, underwriting assistants earn as follows:
Senior – $55,000 to $65,000 or more
Intermediate – $50,000 to $55,000
Junior – $45,000 to $50,000
And in Victoria as follows:
Senior – $55,000 to $70,000 or more
Intermediate – $50,000 to $55,000
Junior – $45,000 to $50,000
Greater Vancouver and Alberta underwriting assistants earn similar salaries in their respective markets:
Senior – $55,000 to 65,000
Intermediate – $50,000 to $55,000
Junior – $45,000 to $50,000
Feature image by iStock.com/sankai
